The President of Groupe Ndoum, Dr Papa Kwesi Nduom has appealed to customers of the GN Bank in the Upper East Region to cease panic withdrawals of their money deposited at the bank.
He said the mass withdrawals are affecting the bank since it could not only survive on payment of funds.
Speaking to traders and customers of the bank at the Bolgatanga main Lorry Park, he assured customers that the bank is financially sound and is not going to collapse. Stressing that customers should have confidence and stop withdrawing funds with the fear of losing their monies.
The GN Bank have over eighteen branches in the Upper East Region. Smallholder farmers especially in the rural communities in the region work with the bank to expand their farming activities.
Dr.Papa Kwesi Nduom who is on a ‘stop the panic withdrawals and strengthen our indigenous banks’ tour in the Region underscored the need for the country’s indigenous Banks to be strengthened.
Dr. Nduom explained that any amount they receive from their customers, they normally invest such monies, adding that if customers whose deposits have been invested decide to withdraw all their deposits within a day, there will be a problem.
He stated that it was imperative to speak with the people because it is a normal behaviour to lose confidence, especially when other local banks have been consolidated and others heading towards the same direction.
He was however not happy that the panic withdrawal was on indigenous banks, though they contribute immensely to the development of the country. Investing in local banks is the surest way for sustainable development in the country.
The 2016 Presidential Candidate of the Progressive Peoples Party, PPP, underscored the need for government and for that matter the general public to support Ghanaian companies to strive.
He said any profit they make stays in the country for developmental projects, unlike a foreign bank that will send its profit to its home country. Dr. Nduom hinted that by the end of 2018, the GN Bank will provide Bank of Ghana with the minimum capital of 400 million Ghana Cedis.
