GN+Bank Denies Regulatory Violations, Accuses Bank of Ghana of Inaccuracies GN Bank has vehemently denied allegations of regulatory violations leveled against it by the Bank of Ghana (BoG). In a statement issued on Tuesday, the bank called the BoG’s claims “unfounded and inaccurate.” The BoG had accused GN Bank of engaging in illegal banking practices, including lending beyond statutory limits, improper classification of loans, and inadequate provisioning for non-performing loans. However, GN Bank maintains that all its operations have been conducted in accordance with the relevant laws and regulations. “We want to state categorically that GN Bank has never engaged in any regulatory violations,” said a spokesperson for the bank. “We have always operated within the parameters set by the BoG and have never compromised on our compliance obligations.” GN Bank further alleged that the BoG’s accusations are based on “faulty and incomplete information.” The bank claims that its loan portfolio is well-diversified and within legal limits, and that its non-performing loans are adequately provisioned for. The bank also expressed concern about the negative impact that the BoG’s allegations have had on its reputation and operations. “These unfounded accusations have caused unnecessary panic among our depositors and have undermined our business,” said the spokesperson. GN Bank has requested a public hearing with the BoG to present its case and clear its name. The bank is confident that its operations will withstand scrutiny and that the allegations against it will be proven false. Meanwhile, the BoG has reiterated its commitment to ensuring the stability and integrity of the financial sector. The central bank has stated that it will continue to monitor the operations of all banks and take appropriate action against those that violate regulations.Defunct Groupe Nduom Bank Denies Regulatory Violations and Alleged Bank of Ghana InaccuraciesDefunct Groupe Nduom Bank Denies Regulatory Violations and Alleged Bank of Ghana Inaccuracies The former Groupe Nduom Bank has refuted allegations of regulatory breaches and alleged discrepancies in Bank of Ghana (BOG) documents pertaining to the bank’s solvency. In a press release, the defunct bank maintains that the BOG’s claims of regulatory violations concerning the alleged unauthorized transfer of funds to its overseas subsidiary were “far-fetched.” Allegations Related to International Business Solutions (IBS) The bank clarifies that the company referenced as the recipient of the alleged illegal $62 million transfer, International Business Solutions (IBS), is a legitimate entity founded by Dr. Nduom in the 1980s. IBS has been involved in business advisory services, the procurement of business equipment, and the sale of computers and printers for Groupe Nduom companies. The statement emphasizes that all transactions with IBS have been documented and conducted legally. The bank alleges that despite repeated requests, the BOG has not provided any evidence to support its claims. Allegations of Bank Funds Misuse for Subsidiary Companies Groupe Nduom Bank also denies the BOG’s assertions that it was used to gather funds for subsidiary companies. The bank maintains that the members of Banco GN were the largest depositors and remain the most severely affected by the bank’s closure. Additionally, subsidiaries had canceled loans taken from the bank and had payment letters to prove it. Reasons for Insolvency The defunct bank reiterates that its insolvency stemmed from the government’s unpaid debts to contractors. The bank estimates that if the GHS 1.8 billion owed by the government had been paid, it would have remained in a financially sound position. Impact on Financial Inclusion The bank laments the loss of Groupe Nduom Bank and its impact on financial inclusion efforts in Ghana. The statement suggests that existing banks have failed to adequately fill the void left by the defunct bank’s absence.GN Bank has vehemently denied allegations of regulatory violations leveled against it by the Bank of Ghana. The bank’s management has categorically refuted the claims, calling them “inaccurate and baseless.” In a statement, GN Bank stated that it has consistently complied with all regulatory requirements and has never engaged in any unlawful or unethical practices. The bank accused the Bank of Ghana of making unsubstantiated accusations without providing concrete evidence. According to GN Bank, the Bank of Ghana’s allegations stem from a misunderstanding of the bank’s financial position. The bank clarified that it has sufficient capital to meet regulatory requirements and has been meeting its obligations to depositors and creditors. The bank further stated that it has been actively cooperating with the Bank of Ghana and has provided all necessary information and documentation to support its claims. GN Bank expressed confidence that it will be able to resolve this matter amicably and maintain its strong financial position. The Bank of Ghana had earlier alleged that GN Bank had breached several banking regulations, including inadequate capital, poor risk management practices, and related party transactions. The central bank subsequently directed GN Bank to take corrective action within a specified timeframe. However, GN Bank maintained that it has taken all necessary steps to address any concerns raised by the Bank of Ghana and is committed to maintaining a sound and stable financial institution. The bank assured its customers and stakeholders that their interests are protected and that it remains a reliable financial partner.