'Don't Draw President Into GN Savings and Loans Insolvency'

The government has described as unwarranted and unfortunate, attempts by some individuals to draw President Nana Akufo-Addo into the insolvency problems currently confronting GN Savings and Loans.

A statement issued and signed by the Deputy Minister of Information, Nana Ama Dokua Asiamah-Adjei in Accra yesterday said the President Akufo-Addo's administration had nothing to gain from the closure of a company belonging to any Ghanaian.

"That is not how the President views his mandate. On the contrary, since assuming office in 2017, the pre-occupation of President Akufo-Addo has been to incentivise the Ghanaian private sector to be able to compete effectively in the region, the continent and the world, create jobs for the Ghanaian people and put our nation onto the path of progress and prosperity," it said.

In a response to a news conference by some GN employees at Elmina in the Komenda- Edin- Eguafo-Abream municipality of the Central Region last Wednesday, the statement said the claims that the woes of their company had been caused by the government due to its failure to honour its financial obligations towards the GN Savings and Loans was completely misplaced.

It said as of August 6, 2019, the government had established that its indebtedness to GN only amounted to GH?30.33million, adding that, "An agreement has, indeed been reached between the Ministry of Finance and GN to settle this debt."

However, it noted that even though that was the situation, a complete settlement of the indebtedness would not address GN's capital deficit of GH?683.66million, it said.

The statement said the Bank of Ghana was an independent institution of state carrying out with its constitutional mandate and any group or persons who felt aggrieved by their actions should employ the established avenues as stipulated by law to seek redress.

"This will include recourse to the courts for the resolution of their grievances. President Akufo-Addo has not and will not, interfere with the workings of independent institutions of state," emphasised.

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