The Bank of Ghana (BoG) has downgraded GN Bank into a Savings and Loans company.
GN Bank owned by business man cum politician, Dr. Papa Kwesi Ndoum has lost its banking license and will now operate as a savings and loans business.
GN Bank was incorporated on May 30, 1997.
Until recently, the bank was troubled with liquidity challenges and was reported struggling to meet the new recapitalisation imposed by the central bank of Ghana.
Many depositors had also gone to redraw their funds prior to last December 2018.