Accra: President of Groupe Nduom, Dr Nana Kwaku Nduom, has opened up about the journey and struggles of GN Bank, recounting how regulatory changes and financial pressures reshaped the institution's trajectory. Speaking on the backstory in an exclusive interview on Channel One TV's Point of View show on May 25, 2026, Dr Nduom explained that after receiving a banking license in 2014, GN Bank expanded rapidly, operating close to 300 branches nationwide. However, by 2016-17, challenges began to surface, culminating in 2019 when the situation reached a breaking point.
According to Ghana Web, Dr Nduom spoke about the challenges faced by GN Bank, highlighting the effects of the Bank of Ghana's decision in 2017 to raise the minimum capital requirement. This decision triggered a race among financial institutions to meet the new threshold by December 31, 2018, leading to panic withdrawals and other financial issues. Dr Nduom revealed that although GN Bank believed it had sufficient capitalisation, disagreements with the regulator over asset valuation, particularly those tied to unpaid contractors, created contention.
As negotiations continued, the Bank of Ghana advised GN Bank to downgrade to a savings and loans company while outstanding issues were resolved. Dr Nduom reflected on this decision, acknowledging that the institution's capitalisation would have been adequate for a savings and loans company throughout the period. Despite the challenges, he noted the advantages of being a full-fledged bank, which allowed GN Bank to provide a broad range of services to customers.