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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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GoldBod denies GH¢1bn BoG overdraft claim, demands retraction and apology from Boako
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- Dr. Boako, a Deputy Ranking Member on Parliament’s Finance Committee, questioned GoldBod's reported GH¢907 million profit, stating an outstanding overdraft would reflect a loss.
- GoldBod labeled Dr. Boako’s claim as “totally false,” a “deliberate and malicious smear campaign,” and demanded a retraction and apology.
- This dispute is set against a broader political and economic debate concerning GoldBod’s financial performance and the accounting treatment of GH¢22 billion losses from the Domestic Gold Purchase Programme (DGPP).
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- Dr Bawumia commended the Minority Caucus for its accountability efforts and encouraged their continued work.
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Why celebrate $2.62bn FDI while losing $1.7bn under the Domestic Gold Programme? IERPP asks
- The Institute of Economic Research and Public Policy (IERPP) welcomes Ghana's US$2.62 billion Foreign Direct Investment (FDI) as a sign of investor confidence.
- However, IERPP tempers this optimism with concern over an estimated GH¢22 billion (US$1.7 billion) loss from the Domestic Gold Purchase Program (DGPP).
- The DGPP loss is significant, equating to about 65 cents for every US$1 of FDI attracted, highlighting a major resource management issue.
- IERPP emphasizes that while FDI is crucial, it cannot substitute for prudent management and protection of existing public resources.
- The Institute calls for greater transparency, a clear breakdown of DGPP losses, and intense scrutiny from accountability institutions, Parliament, and civil society.