Papa Kwesi Nduom, founder and president of Group Nduom, recently disclosed his ongoing appeals to the Ghanaian government for support in restoring his defunct businesses, particularly GN Bank, which was closed in 2018. The closure was part of the Bank of Ghana’s (BoG) financial reforms and led to the collapse of GN Bank and Gold Coast Fund Management, which collectively had employed over 6,000 Ghanaians.
According to Nduom, GN Bank held all of his companies' funds and managed their payroll, so its shutdown left his businesses financially paralyzed and led to significant job losses. In a Facebook broadcast, “Disappointed but Not Discouraged,” he described his years-long efforts to persuade the government to support the revival of GN Bank and restore jobs. Nduom stated he has reached out to traditional leaders, clergy, and political figures in the current administration, yet his appeals have gone unheeded.
“I have been speaking to people—chiefs, bishops, all manner of individuals, even people in this administration,” Nduom said. “I’ve asked for assistance, written petitions to the Akufo-Addo administration, urging them to collaborate and find a solution to safeguard customers’ funds. But unfortunately, all my efforts have been in vain.”
He emphasized that his primary goal is to secure customer investments, restore the company’s license, and reinstate lost jobs. Nduom also stressed the broader economic benefits that could follow the revival of GN Bank, particularly in stabilizing customer investments that were disrupted by the bank’s closure.
The business leader noted that with the Nana Addo administration’s term coming to a close, he hopes that the president will reconsider his appeal before leaving office. By sharing his story publicly, he aims to raise awareness of the financial hardship faced by former GN Bank employees and customers affected by the bank’s closure. He believes that a solution could still be reached if his plea is heard.
Nduom has also begun a series of weekly Facebook broadcasts to engage with Ghanaians on issues such as the country’s economy and the challenges facing his businesses. Through these broadcasts, he shares insights and potential economic improvements he believes could benefit the country.
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