3. The Bank Of Ghana Downgrades GN Bank: The year started on a bad note for Groupe Nduom Bank as the BoG downgraded it to a Savings and Loans. This is because, the bank could not meet the ¢400 million minimum capital.
“GN Bank (GN) was unable to comply with the Minimum Capital Directive by 31st December 2018. Consequently, GN Bank has applied for, and the Bank of Ghana has approved the grant of a savings and loans company licence. The Bank of Ghana has also approved a transition plan submitted by GN for winding down aspects of its business which are not compatible with a savings and loans company licence,” he said.
