An investigation by the central bank said GN transferred $62 million to International Business Solutions, a company owned by Groupe Nduom which is based in the U.S.A, without any documentation to support such transfers in breach of section 19 of the Foreign Exchange Act 2006, Act 723, Section IV of Bank of Ghana.

However, in a statement on his Facebook page, Nduom said the claims of the Bank of Ghana were false, saying the funds were used to pay for goods and services rendered in Ghana.

He explained: "The information about International Business Solutions is false. International Business Solutions has two main business lines.

"Management Consulting and Import/Export. All of the funds mentioned are comprised of payments of invoices for goods and services that were rendered in Ghana. To use it as justification for any regulatory action is either gross negligence on the part of the BoG, or a egregious misrepresentation of the truth designed to drag our name in the mud. The BoG has all the documents for every pesewa transferred out of Ghana and there was absolutely nothing wrong with engaging in an international business.

"The real scandal is the GHS 2.2 Billion Cedi portfolio that the Ministry of Finance has held hostage for over two years. Their refusal to acknowledge and pay these debts is what they are using to destroy a strong Ghanaian company."

The BoG on Friday revoked the licences of twenty-three (23) insolvent savings and loans companies and finance house companies.

The affected institutions include GN Savings and Loans, ASN Financial Services, Midland Savings and Loans, Unicredit Savings and Loans and Women’s World Banking Savings and Loans.

The central bank in a statement on Friday, August 16, 2019, said the revocation of the licences of these institutions has become necessary because they are insolvent even after a reasonable period within which the Bank of Ghana has engaged with them in the hope that they would be recapitalized by their shareholders to return them to solvency.”

“It is the Bank of Ghana’s assessment that these institutions have no reasonable prospects of recovery, and that their continued existence poses severe risks to the stability of the financial system and to the interests of their depositors,” the statement added.

The statement further explained that the actions “were taken pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to revoke the licence of a Bank or Specialised Deposit-Taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent. The Bank of Ghana has also appointed Mr Eric Nipah as a Receiver for the specified institutions in line with section 123 (2) of Act 930.”