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Bank of Ghana closes down Papa Kwesi Nduom’s GN savings and loans

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Bank of Ghana is currently shaking up the financial sector and several financial institutions have been immensely affected by the shake up.

It would be recalled that the Bank of Ghana embarked on a recapitalisation exercise which led to the revoking of the banking license of several banks in the country. Banks such as Beige Bank, First Capital Bank,  Unibank, Royal Bank, Premium and Heritage banks were affected.

Banks such as Papa Kwesi Nduom’s GN bank was demoted to the status of Savings and loans company over their inability to meet the new minimum capital requirement to mantain the status of a universal bank. The minimum capital requirement being GHC 400 million.

In a new development the bank of Ghana has revoked the licenses of Papa Kwesi Nduom’s GN savings and loans, Unicredit savings and loans, Midland savings and loans, Women’s world banking savings and loans, Ideal Finance LTD amongst others.

These financial institutions were found insolvent after they were unable to meet BoG’s minimum capital to operate a savings and loans operation.

According to Bank of Ghana’s statement; “the revocation of the licences of these institutions has become necessary because they are insolvent even after a reasonable period within which the Bank of Ghana has engaged with them in the hope that they would be recapitalised by their shareholders to return them to solvency.

“These actions were taken pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to revoke the licence of a Bank or Specialised Deposit-Taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent.”


23 financial institutions whose licenses have been revoked

Bank of Ghana is the regulatory body in the Banking and finance industry in Ghana. It’s recapitalization reform has reduced the number of operating banks in the country from 33 to 23.

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