Groupe Nduom’s Bank (GN Bank) was one of the financial institutions which was affected by the New Patriotic Party (NPP) government’s banking sector clean-up.
The government in 2017 undertook the banking sector clean-up under the supervision of the Finance Minister, Ken Ofori-Atta. The exercise saw a reduction in the number of banks from 34 to 23, whilst 347 microfinance institutions, 15 savings and loans and eight finance houses had their licences revoked.
But in his quest to boost the rural economy, flag bearer of the opposition National Democratic Congress, John Dramani Mahama, has promised to revive Dr. Nduom’s GN Bank concept to that effect.
John Mahama was delivering a keynote address at the 8th Ghana CEO Summit in Accra Monday, May 27, 2024 when he made the revelation.
“Fintechs working in the agricultural and agribusiness space will be used as conduits for providing targeted micro-credit for farmers. We will also revive Dr Ndoum’s concept of micro GN banks to boost the rural economy. Your theme underscores the urgency and importance of charting a strategic path forward,” he said.
He also spoke on the impact of economic diversification which he noted was “imperative for reducing dependence on traditional industries and building resilience against external shocks. Collaboration between the private and public sectors is indispensable in this endeavour. We must work with the government, policymakers, and other stakeholders to create an enabling environment for innovation and entrepreneurship.”
The annual Ghana CEO Summit, founded in 2016, has participants of over 500 topmost CEOs, Heads of State, entrepreneurs, business leaders and policymakers from West Africa and around the world.
The one-day Summit was themed “Reigniting Business and Economic Growth: Charting a Path Forward; Economic Diversification and Artificial Intelligence Transformation. A Private-Public Sector CEO Dialogue & High Impact- Learn.”
John Mahama expressed his intentions to, “through initiatives like an Annual presidential-CEO dialogue, we will foster open communication, identify common challenges, and develop actionable strategies to unlock the full potential of economic diversification, technology, and AI transformation.”
