-As High Court orders Gov’t defence in landmark suit
An Accra High Court has issued an order that will force the Bank of Ghana, the Attorney-General and the Receiver of Groupe Nduom (GN) Saving and Loans Limited to file their defence to the suit filed against them by the founder of the company, Dr Papa Kwesi Nduom.
The three government agencies have less than three months to file their defence to the pending suit upon the instructions of Justice Gifty Addo Adjei.
There is a growing conspiracy that
August 16, 2019, the Bank of Ghana issued a notice to revoke the licence of GN Savings and 22 other savings and loans companies and finance house companies, even though GN insists, there was no basis for the revocation of its license and that most of its liquidity problems were deliberately caused by the Akufo Addo government.
To confirm this positon of GN, a leaked secret memo from Finance Minister Ken Ofori-Atta is making the rounds, showing that GN’s predicament was premeditated because the Akufo Addo government felt threatened by the stance of Dr. Nduom.
The Memo, according to sections spotted by Whatsup News from several reports this week, showed that six months before the deadline given to banks and financial institutions to resolve their liquidity issued, Ken Ofori Atta went to the Akufo Addo Cabinet to specifically request that GN’s operations should be destroyed.
As part of the plan, Ken Ofori-Atta reportedly began to withhold funds owed GN through its financing of operations of COCOBOD, GETFUND, and the Ministry of Roads and Highways.
The secret memo presented to Cabinet in September of 2018, asked among other things that; “Cabinet is respectfully requested to consider and approve the revocation of the licence of GN Bank Company Limited owned by a businessman and a politician, Dr Papa Kwesi Nduom.”
“In the case of the GN Bank, the owner who is considered as a threat to our survival has taken undue advantage of his position in society and his past relationship with the government…It is important to note that Dr Nduom has established himself beyond the borders of Ghana, and therefore touching his so-called business empire must be done with care and diplomacy so that our arch-rivals (NDC) does not make political capital out of this,” the said memo read.
Since reports of the memo became public this week, there has been no official confirmation or denial from the Akufo Addo administration.
The administration has been fingered for deliberately collapsing over 7 major banks and more than 350 financial institutions. More than 10,000 direct jobs have been estimated to have been lost in the controversial banking and financial sector cleanup.
In addition to these losses, the Ghanaian taxpayers have been made to cough up over GHC 12 billion (US$ 2 billion) to bailout these banks as they get absorbed into a new entity created for them: Consolidated Bank Ghana (CBG).
Currently, the Finance Minister Ken Ofori-Atta is seeking a additional GHC 15 billion in what he claims would be used to clear funds owed customers affected in the banking sector cleanup.
The Ghanaian Parliament has rejected this proposal, but the Akufo Addo Cabinet has reportedly railroaded the request through and may soon be handing over the amount to the controversial finance minister.