The rally is set to take place in the Central Region during the last week of November 2024.

“It is our intention to hold the ‘Bring Back GN Bank’ rally in my hometown, Elmina, so stay tuned for the official announcement and location,” Papa Kwesi stated.

“We want people to join us, to stand with us, and to make it clear to the nation that the closure of GN Bank was needless, harmful, and deeply damaging.”

Mr. Nduom made these remarks in a Facebook broadcast on Wednesday, November 6, 2024, titled “Disappointed but Not Discouraged,” where he voiced his frustration with the collapse of GN Bank following the government’s 2017 financial sector reforms.

Reflecting on what he called “the journey of business in Ghana,” Nduom criticized the state of the economy and shared that approximately 70,000 direct jobs were tied to Group Nduom’s operations, many of which were lost when GN Bank was shut down.

Papa Kwesi frequently engages with the public on his Facebook page, where he discusses pressing issues surrounding the economy, the banking sector, unemployment, and good governance.

Watch the video below:

READ ALSO:

• Ghana and EU sign agreement to allow Ghana to issue Africa’s first timber legality licenses
• Over $14.6m, £2.4m, and GH₵167.8m found in dormant accounts at BoG – ILAPI
• Bagbin accuses Judiciary, Executive of undermining parliament’s authority

The company, Equity Fund and Securities Investment, in the suit, alleged that Groupe Nduom engaged in many illegalities.

This, they said, was for the “sole personal financial benefit of the Nduom family”, and used his businesses as a conduit to “facilitate the unlawful acts.”

The writ noted the plaintiff’s assignors “are victims of defendants’ fraudulent, avaricious and criminal conduct perpetrated on more than a million unsuspecting depositors who have lost their life savings because of defendants’ unlawful acts.”

“The Nduom family defendants, by and through their ownership, control and use of defendants GN Bank, Gold Coast Fund Management and over 60 undercapitalised interrelated companies, collected several million dollars of depositor’s saving, investment contributions and insurance premiums, and in violation of U.S. and Ghana laws.

ALSO READ:

• Papa Kwesi Nduom in fresh trouble

• Papa Kwesi Nduom’s new look causes stir

“They illegally laundered approximately $63,000,000 of depositors’ funds through its Virginia-based sham ‘procurement and consulting service’ company, International Business Solutions,” the plaintiff stated.

However, Dr Nduom, in response, has fought off the claims and described the allegations as a mere political smear.

He argued the plaintiff has no direct business with him or the other defendants, and therefore does not have a case.

“His motion is brought by more than a dozen US Defendants named in the complaint but who have never met, spoken to, or be involved in any transaction with either Assignor. This includes Dr Nduom and his immediate family; GN-IL, a Chicago bank in which Dr Nduom invested, as well as GN-IL’s outside directors and CEO, and three other companies owned in part by members of the Nduom family.

“Ultimately, the complaint fails to state a claim against any of the US Defendants. It cannot do so because none of the US Defendants had anything to do with the Assignors. As such, the complaint is properly dismissed with prejudice against the US Defenders,” part of a 33-page document read.

The photo has captured a complete new look of the founder of the Progressive People’s Party which makes him a bit unrecognisable at first glance.

He has been spotted with grey hair and beard which makes it evident that age is catching up with him.

ALSO READ:

• Bulldog in good spirit after bail – Rex Omar

• Mzbel’s son in shock over father’s identity [Video]

The image, which appeared more of a selfie, saw him pose in a sofa inside a room clad in a blue-black hood.

The photo has warmed the hearts of many Ghanaians who have showered praises on Dr Nduom after they chanced upon it.

Watch the photo below:

READ THIS: Fameye’s ex-manager signs new act, schnapps, eggs spotted on signing table [Photos]

Dr Nduom admitted that 2019 has been a tough one for the company as they have had to close down two of their subsidiaries resulting in more than 3,000 job loses with many others at risk.

The Bank of Ghana and Security and Exchange Commission revoked the licenses of GN Savings and Loans (after it was downgraded from a universal bank status) and Gold Coast Fund Management as part of reforms to strengthen the financial sector.

SEE THIS: Video: My relationship with Wizkid is nobody’s business- Tiwa Savage

These two institutions were part of many others closed down by the regulators for reasons including inadequate liquidity to meet customers’ demands and breach of some financial regulations.

THIS ALSO: We won’t abandon 1D1F projects but…- Mahama

In a press release issued and signed by the group Chairman, Dr Nduom, the group said “this has been a particularly difficult one for us at Groupe Nduom. We acknowledge the difficulties experienced particularly by our banking and investment customers. For that, we are sorry.”