The Bank of Ghana(BoG), has downgraded GN Bank to a Savings and Loans company.
By this, the bank owned by businessman Dr. Papa Kwesi Ndoum, has lost its banking license.
GN Bank was incorporated on May 30, 1997. The bank has in recent times faced liquidity challenges and is unable to meet depositors’ withdrawal.
Meanwhile, the Bank of Ghana has revoked the licenses of Heritage and Premium banks.
The central bank has also approved a purchase and assumption agreement with Consolidated Bank Ghana Limited to take over the liabilities and selected assets of the now defunct banks.
Credit: Citi FM