Between Nduom and BoG; Who says the truth? – Kwesi Pratt asks | Policy

A few days ago, the Bank of Ghana (BoG) closed 23 savings and credit companies, including GN Savings and Loans, owned by Dr. Paa Kwesi Nduom.

According to a statement by BoG, "The revocation of the licenses of these institutions has become necessary because they are insolvent, even after a reasonable period of time in which the Bank of Ghana has committed them in the hope that they would be recapitalized by their shareholders to bring them back to solvency."

The statement added that, "The Bank of Ghana believes that these institutions have no reasonable prospect of recovery and that their continued existence poses serious risks to the stability of the financial system and the interests of their depositors."

However, Dr. Paa Kwesi Nduom described the BoG statement as "extremely false" and "incoherent".

"Given the detailed information provided to the BdG almost a year ago, these statements are in contradiction with our discussions with the GoB and the Ministry of Finance." We know that the MoF has previously confirmed that balances due to G the other related parties far exceed the amounts quoted in the BoG's communication ".

"Our position is that GN Savings is not only solvent; but would be very liquid if the MoF simply ordered itself and other government agencies to promptly pay the amounts due to GN Savings and other related entities ", Dr. Nduom said in a statement.

Analyze these two reactions during a round table on the morning broadcast of Peace FM & # 39;Kokrokoo& # 39;, Editor-in-Chief of Insight Newspaper, Kwesi Pratt Junior, wonders whom the report of Ghanaians should believe.

Look at his quote below