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Panic withdrawals affecting GN Bank – Dr. Papa Kwesi Nduom

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The President of Groupe Ndoum, Dr. Papa Kwesi Ndoum has appealed to customers of the GN Bank in the Upper East Region to cease panic withdrawals of their monies deposited at the bank.

He said the mass withdrawals is affecting the bank since it could not only survive on payment of funds.

Speaking to traders and customers of the bank in Bolgatanga main Lorry Park the capital of the Upper East Region, he assured customers that the bank was financially sound and was not going to collapse.

Stressing that customers should have confidence and stop withdrawing funds with the fear of their misappropriation.

Bank have over eighteen branches dotted across 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 upper East Region underscored the need for the country’s indigenous Banks to be strengthened.

Dr. Ndoum 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 was normal behavior to lose confidence, especially when other local banks had been consolidated and others heading towards the same direction.

He, however, bemoaned that the brunt of the panic withdrawal was on indigenous banks, especially though they contributed immensely to the development of the country. Investing in local banks, he mentioned, was the only and 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 Ndoum hinted that by the end of 2018, the GN Bank will provide Bank of Ghana with the minimum capital of GH¢400 million.

Story by GBC’s Samuel Ayammah

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