Accra: A communication team member of the New Patriotic Party (NPP), Kwadwo Nsafoa Poku, has strongly debunked claims by a member of the United Party (UP), Hopeson Adorye, that the closure of GN Bank was politically motivated.
According to Ghana Web, during a heated exchange on JoyNews' AM Show on May 27, 2026, the two politicians debated the recent Court of Appeal ruling ordering the restoration of GN Savings and Loans' licence. Adorye had argued that aspects of the 2017-2020 financial sector cleanup were 'intentional' and targeted at institutions perceived to be linked to political opponents.
However, Poku dismissed Adorye's claims as misleading and factually incorrect. He emphasized that the revocation of GN Bank's license was due to its inability to meet the basic minimum required capital by law to operate as a bank. Even when demoted to a savings and loans institution, GN Bank struggled to pay its workers or honour checks.
Poku explained that GN Bank, linked to Groupe Nduom, failed to meet the Bank of Ghana's minimum capital requirement of GHS400 million for universal banks. The company faced severe insolvency, a negative capital adequacy ratio, liquidity problems, and serious governance challenges even after being downgraded.
Poku stressed that the banking cleanup affected hundreds of financial institutions due to widespread undercapitalisation and non-compliance, not political persecution. The Court of Appeal recently ruled in favour of the restoration of GN Savings and Loans' operating licence and the return of its assets.
The 2017-2020 financial sector cleanup led to the revocation of licences of nine banks and over 400 other financial institutions. Regulators have consistently maintained that the exercise was purely technical and aimed at safeguarding the banking system and depositors.
Meanwhile, Groupe Nduom has welcomed the decision and signalled its intention to resume operations, possibly starting in Elmina, in the Central Region of Ghana. However, the Bank of Ghana has filed an appeal at the Supreme Court against the ruling.