A careful review of the written Address dated 8th of May 2020 and Affidavit sworn on 6th May 2020 to the Human Rights Court presided over by Justice Gifty Agyei-Addo by the Bank of Ghana (BOG) reveals the reason why the Central Bank’s lawyers focused on the tenure of GN Bank and not GN Savings.
There is nothing negative in the Affidavit that refers to the period from 4th January that GN Savings was in business.
In fact the malicious intent as described by Justice Srem-Sai, Attorney for Dr. Papa Kwesi Nduom & others and the hypocrisy of the BOG in its revocation of the GN Savings license as a Special Depository Institution is demonstrated by the letter written by the BOG to the CEO of GN Savings on 6th August 2019 just days before the revocation took place.
Whereas the BOG claimed publicly that it had based the revocation on the Ministry of Finance letter confirming only GHC30.33 million in receivables due from government and its agencies; the 6th August 2019 letter nicodemusly asked GN Savings to assign GHC197.7 million of receivables from government to the Bank of Ghana to pay for debt allegedly owed to the Central Bank.
What would cause a Central Bank of a country to maliciously lie to itself and the nation and stand on that lie to revoke the license of a the financial institution with the most retail branches in the country, more than GCB and CBG?
See the attached letter
It would be recalled that on 30th August 2019, Dr. Papa Kwesi Nduom and others filed motion at the High Court (Human Rights Division) to reverse the revocation of the license of GN Savings claiming that the BOG did not take into account the full value of money owed and due to the company by the Government of Ghana and its agencies.
Dr. Nduom and his company have claimed that if even a fraction of what is owed had been paid, GN Savings would have been a very liquid financial enterprise.
Groupe Nduom has consistently claimed that the Government of Ghana and its agencies owe the company over GHC2.2 billion out of which it assigned over GHC900 million to GN Savings. The GHC2.2 billion was arrived at through an independent audit carried out by a reputable accounting and auditing company.
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