In statement, Dr Ndoum said the Ministry of Finance and other government agencies owed GN Savings, stressing that the institution will be solvent if those debts were settled.

“Our position is that GN Savings is not only solvent, but would be highly liquid if the MoF simply ordered itself and other government agencies to quickly pay amounts owed to GN Savings and other related entities. We expect this matter to be resolved in due course,” the statement said.

GH Savings was downgraded from a bank to a savings and loans company last year August after failing to meet the BoG's liquidity requirement.

The central bank in a statement on Friday announced the shut down of 22 savings and loans companies, including Dr Ndoum's GN Savings.

“GN’s shareholders have failed to restore the bank to the required regulatory capital and liquidity levels in spite of long-standing promises that new capital was expected from foreign investors,” the BoG said in a statement.

“While GN has indicated that government owes it a total amount of GH¢942.98 million of which GH¢102.73 million represented Interim Payment Certificates (IPCs), the Bank of Ghana’s assessment is that IPCs totaling GH¢30.33 million only have been confirmed by the Ministry of Finance as at 6th August 2019 as owed to contractors that may be indebted to affiliates of GN,” the statement further noted.