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May 23, 2026
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Government owes GN Bank GH¢300m in unpaid interim payment certificates — Dr Ndoum
Money
Policy
Key Points
- Dr. Nana Kweku Ndoum alleges GN Bank's financial difficulties and collapse stemmed from the NPP government's termination of contracts it financed.
- The government initiated a review of contracts in 2017, which Dr. Ndoum claims found no fraud but still led to terminations and non-payment.
- Unpaid Interim Payment Certificates (IPCs) totaling about GH¢300 million, owed to contractors and financiers like GN Bank, severely weakened the bank's financial standing.
- Dr. Ndoum asserts that timely payment of these IPCs would have prevented the bank's downgrade and subsequent license revocation.
- These revelations come shortly after Groupe Ndoum secured a legal victory concerning the revocation of GN Savings and Loans' license.
Why This Matters
This article is significant for Ghana as it highlights the profound impact of government actions, particularly contract reviews and payment delays, on the stability of the private financial sector. It raises critical questions about investor confidence, the rule of law in government-business dealings, and the potential for ripple effects across the economy when major financial institutions face collapse due to alleged state indebtedness. The ongoing dispute also underscores accountability issues regarding public funds and contractual obligations.
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