{"id":12162,"date":"2018-10-01T10:36:16","date_gmt":"2018-10-01T10:36:16","guid":{"rendered":"https:\/\/www.kumasionlinegh.com\/?p=12162"},"modified":"2018-10-01T10:36:16","modified_gmt":"2018-10-01T10:36:16","slug":"financial-crisis-nduom-asks-ghanaians-to-stop-panic-withdrawals","status":"publish","type":"post","link":"https:\/\/www.kumasionlinetv.com\/?p=12162","title":{"rendered":"Financial crisis: Nduom asks Ghanaians to stop \u2018panic withdrawals\u2019"},"content":{"rendered":"<figure id=\"attachment_12163\" aria-describedby=\"caption-attachment-12163\" style=\"width: 960px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-12163\" src=\"https:\/\/www.kumasionlinegh.com\/wp-content\/uploads\/2018\/10\/DR.-PAPA-KWESI-NDUOM.jpg\" alt=\"\" width=\"960\" height=\"640\" srcset=\"https:\/\/www.kumasionlinetv.com\/wp-content\/uploads\/2018\/10\/DR.-PAPA-KWESI-NDUOM.jpg 960w, https:\/\/www.kumasionlinetv.com\/wp-content\/uploads\/2018\/10\/DR.-PAPA-KWESI-NDUOM-410x273.jpg 410w, https:\/\/www.kumasionlinetv.com\/wp-content\/uploads\/2018\/10\/DR.-PAPA-KWESI-NDUOM-768x512.jpg 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><figcaption id=\"caption-attachment-12163\" class=\"wp-caption-text\">Dr. Papa Kwesi Nduom<\/figcaption><\/figure>\n<p>The President and Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom, has called on Ghanaians to have confidence in the country\u2019s financial sector.<\/p>\n<p>He believes that is the only way the citizenry can be prosperous while assisting government achieves its Ghana Beyond Aid agenda.<\/p>\n<p>His comments come at a time when there is a seeming loss of confidence in Ghana\u2019s financial institutions due to the challenges some are presently facing.<\/p>\n<p>Seven local banks have collapsed within the last one year, as government moved to sanitize the sector.<\/p>\n<p>\u201cIf Ghanaians will become prosperous, we must have strong indigenous financial institutions. If Ghana hopes to work \u201cBeyond Aid,\u201d we must support our own, the ones who have proven to deserve the nation\u2019s support. Together, we will overcome the current challenge.\u201d<\/p>\n<p>In what may be described as fear of losing huge investments,\u00a0<a href=\"https:\/\/citinewsroom.com\/2018\/09\/28\/first-allied-customers-in-kumasi-continue-protest-over-locked-up-funds\/\" target=\"_blank\" rel=\"noopener\"><strong>stranded customers<\/strong><\/a>\u00a0of financial institutions such as Gold Coast Securities and First Allied Savings and Loans Company Limited continue to flood branches of the companies in an attempt to retrieve their monies.<\/p>\n<p>But in a Facebook post, Mr. Nduom, who owns the GN Bank and Gold Coast Securities pleaded with anxious customers to be calm, adding that, the \u2018panic withdrawals\u2019 are unnecessary.<\/p>\n<p>\u201cNo financial institution that invests funds on behalf of its customers in medium and long-term projects can survive if its customers showed up one day and demanded their funds be paid back all at the same time. The same rings true for our companies. So we will ask respectfully for our customers to remain and stay with us.\u201d<\/p>\n<p><strong>Full post by Dr. Nduom<\/strong><\/p>\n<blockquote><p>\u201cI have been gone from Ghana for about three weeks. I have been on a business trip to encourage Ghanaians and non Ghanaians interested in doing business in Ghana to invest through our company, Groupe Nduom. Back home, panic withdrawals from financial institutions have continued. I have written about this. I have asked our citizens to stand by our indigenous institutions, especially the ones with good governance structures and positive track records. I have even suggested that partisan politics must not be allowed to destroy our financial well-being.<\/p>\n<p>I am coming back next week to join the management, staff and directors of Gold Coast Fund Management and GN Bank in all the ten regions to prove that 25 years of creating value for our customers will continue uninterrupted.<\/p>\n<p>No financial institution that invests funds on behalf of its customers in medium and long term projects can survive if its customers showed up one day and demanded their funds be paid back all at the same time. The same rings true for our companies. So we will ask respectfully for our customers to remain and stay with us.<\/p>\n<p>No customer of a Groupe Nduom financial Institution has lost one pesewa in 25 years. By God\u2019s Grace and our Hard Work, this will never happen!<\/p>\n<p>From next week, we will demonstrate to GN Bank\u2019s 1.2 million customers and Gold Coast Fund Management\u2019s 800,000 customers that their funds are safe with us. We will show our customers that GN Bank has one of the lowest non performing loan portfolios in Ghana, at less than 3%. We will demonstrate to them that Gold Coast has invested their funds in safe Government of Ghana development projects such as roads, bridges, schools and private sector job creating projects they can see. We want them to understand that we are working hand in hand with government to make sure the projects we have invested in are successful.<\/p>\n<p>We support reforms in the financial sector and this too we will explain as we go across the country in town hall meetings and media encounters.<\/p>\n<p>If Ghanaians will become prosperous, we must have strong indigenous financial institutions. If Ghana hopes to work \u201cBeyond Aid\u201d, we must support our own, the ones who have proven to deserve the nation\u2019s support.<\/p>\n<p>Together, we will overcome the current challenge. God bless our efforts.\u201d<\/p><\/blockquote>\n<p>\u2013<\/p>\n<p>Source: Citinewsroom.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The President and Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom, has called on Ghanaians to have confidence in the country\u2019s financial sector. He believes that is the only way the citizenry can be prosperous while assisting government achieves its Ghana Beyond Aid agenda. His comments come at a time when there is a seeming [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":12163,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"iawp_total_views":0,"footnotes":""},"categories":[41],"tags":[],"class_list":["post-12162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Financial crisis: Nduom asks Ghanaians to stop \u2018panic withdrawals\u2019 - Kumasi Online TV<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.kumasionlinetv.com\/?p=12162\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financial crisis: Nduom asks Ghanaians to stop \u2018panic withdrawals\u2019 - Kumasi Online TV\" \/>\n<meta property=\"og:description\" content=\"The President and Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom, has called on Ghanaians to have confidence in the country\u2019s financial sector. 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