Financial crisis: Nduom asks Ghanaians to stop ‘panic withdrawals’

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The President and Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom, has called on Ghanaians to have confidence in the country’s financial sector.

He believes that is the only way the citizenry can be prosperous while assisting government achieves its Ghana Beyond Aid agenda.

His comments come at a time when there is a seeming loss of confidence in Ghana’s financial institutions due to the challenges some are presently facing.

Seven local banks have collapsed within the last one year, as government moved to sanitize the sector.

“If Ghanaians will become prosperous, we must have strong indigenous financial institutions. If Ghana hopes to work “Beyond Aid,” we must support our own, the ones who have proven to deserve the nation’s support. Together, we will overcome the current challenge.”

In what may be described as fear of losing huge investments, stranded customers of financial institutions such as Gold Coast Securities and First Allied Savings and Loans Company Limited continue to flood branches of the companies in an attempt to retrieve their monies.

But in a Facebook post, Mr. Nduom, who owns the GN Bank and Gold Coast Securities pleaded with anxious customers to be calm, adding that, the ‘panic withdrawals’ are unnecessary.

“No financial institution that invests funds on behalf of its customers in medium and long-term projects can survive if its customers showed up one day and demanded their funds be paid back all at the same time. The same rings true for our companies. So we will ask respectfully for our customers to remain and stay with us.”

Full post by Dr. Nduom

“I have been gone from Ghana for about three weeks. I have been on a business trip to encourage Ghanaians and non Ghanaians interested in doing business in Ghana to invest through our company, Groupe Nduom. Back home, panic withdrawals from financial institutions have continued. I have written about this. I have asked our citizens to stand by our indigenous institutions, especially the ones with good governance structures and positive track records. I have even suggested that partisan politics must not be allowed to destroy our financial well-being.

I am coming back next week to join the management, staff and directors of Gold Coast Fund Management and GN Bank in all the ten regions to prove that 25 years of creating value for our customers will continue uninterrupted.

No financial institution that invests funds on behalf of its customers in medium and long term projects can survive if its customers showed up one day and demanded their funds be paid back all at the same time. The same rings true for our companies. So we will ask respectfully for our customers to remain and stay with us.

No customer of a Groupe Nduom financial Institution has lost one pesewa in 25 years. By God’s Grace and our Hard Work, this will never happen!

From next week, we will demonstrate to GN Bank’s 1.2 million customers and Gold Coast Fund Management’s 800,000 customers that their funds are safe with us. We will show our customers that GN Bank has one of the lowest non performing loan portfolios in Ghana, at less than 3%. We will demonstrate to them that Gold Coast has invested their funds in safe Government of Ghana development projects such as roads, bridges, schools and private sector job creating projects they can see. We want them to understand that we are working hand in hand with government to make sure the projects we have invested in are successful.

We support reforms in the financial sector and this too we will explain as we go across the country in town hall meetings and media encounters.

If Ghanaians will become prosperous, we must have strong indigenous financial institutions. If Ghana hopes to work “Beyond Aid”, we must support our own, the ones who have proven to deserve the nation’s support.

Together, we will overcome the current challenge. God bless our efforts.”

 

ABOUT: Ellsamwise King

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