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Bank of Ghana speaks on GN Bank’s money laundering and wire fraud case

The Bank of Ghana (BoG) has waded into the controversy surrounding the accusation levelled against Groupe Nduom for money laundering and wire fraud.

An equity fund and securities investment company based in the United States, Birim Group LLC, brought charges against the founder of Groupe Nduom, Dr Papa Kwesi Nduom.

In a writ sighted by GhanaWeb, Groupe Nduom, the umbrella company for 60 other businesses owned by Dr Nduom, was accused of laundering a total of $63,000,000.

Reacting to this, the Bank of Ghana Governor, Dr Ernest Addison, clapped back at critics who condemned the government for shutting down the operations of some financial institutions belonging to Dr Nduom.

He stated that the writ from United States’ Birim Group LLC is evidence to prove that the banking sector clean-up exercise the government embarked on years ago was a step in the right direction.

Speaking at the 100th Monetary Policy Committee press conference held in Accra, Dr Addison said, “I thought that you will congratulate the Bank of Ghana for the work that was done in trying to identify the problems in that bank. Many people were out there vilifying that we were on a witch hunt but now, you’ve had people outside the country using GN Bank for the same reasons. So those who thought we didn’t have a basis for what we did, now the evidence is out there that what the Bank of Ghana was trying to do was the appropriate thing.”

He backlashed the courts in Ghana for slowing down the process on defaulters in the banking sector clean-up exercise.

“Another lesson that can be learnt is the speed in which the system in the U.S works. I mean, we are still grappling with these issues in our Ghanaian courts and are not making any headway.”

“We’ve been at these reforms for the last 3 years and we are not making the necessary impact and going after these shareholders and directors who have been responsible for malice that we saw in the sector and having them bring back the assets that they have taken out of the banks,” he added.

Dr Nduom has, however, squashed claims of money laundering and fraud tag imposed on them by US-based Birim Group LLC.

Groupe Nduom described the arguments advanced by the plaintiffs as one full of aspersions and innuendos.

It has, therefore, filed a motion to dismiss the case.

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