Ex-staff of GN Bank urge Mahama to keep promise to restore bank
Concerned former employees and sympathizers of GN Bank/Savings have expressed confidence in President-elect John Dramani Mahama’s pledge to restore GN Bank and other financial institutions affected during the banking sector cleanup under the outgoing Akufo-Addo-led administration.
In a press release issued on December 17, 2024, and signed by Convener Philip Sarpiah, the group highlighted their trust in Mahama’s commitment to revive the indigenous financial institutions they believe were unjustly closed.
“We are encouraged by your commitment to restore the indigenous financial institutions that were unjustifiably dismantled. Your promise to revive GN (Savings) Bank, along with several Savings and Loans and Fund Management companies, resonates deeply with our aspirations for economic recovery and stability,” the statement read.
The Impact of the Banking Crisis
The group acknowledged the devastating effects of the 2019 banking sector cleanup, which saw the collapse of multiple financial institutions, including GN Bank. According to the bank’s founder, Dr. Papa Kwesi Nduom, GN Bank’s closure—despite its extensive network of 300 branches—has negatively impacted Ghana’s socioeconomic development.
The group also accused the outgoing New Patriotic Party (NPP) government of politically persecuting Dr. Nduom, who is viewed as a political opponent, by targeting his financial institution.
“The actions taken by the previous administration, led by President Nana Addo Dankwa Akufo-Addo, Vice President Dr. Mahamudu Bawumia, and Finance Minister Ken Ofori-Atta, have left a deep and lasting impact on our financial landscape,” the statement added.
Congratulations and Call to Action
The former employees congratulated President-elect Mahama and the National Democratic Congress (NDC) for their victory in the 2024 elections, calling it a manifestation of the people’s desire for meaningful change in Ghana.
During his campaign, John Mahama promised to restore financial institutions collapsed during the 2017–2020 banking cleanup, following an unbiased review. At the 8th Ghana CEO Summit in May 2024, he reiterated this pledge, emphasizing the need to support rural economies by reviving Dr. Nduom’s micro-GN Bank concept.
“Fintechs working in the agricultural and agribusiness space will be used as conduits for providing targeted microcredit for farmers. We will also revive Dr. Nduom’s concept of micro GN banks to boost the rural economy,” Mahama stated.
The group ended their statement with a prayer for the incoming president, asking for the wisdom and leadership qualities needed to guide Ghana towards a brighter economic future.