Was the 7-Year GN Savings & Loans Legal Tussle Political? | Dr. Nana Kweku Nduom Breaks It Down

Added: 2026-05-27

[00:00:00]We're back speaking to the group Indom CEO for Ghana Dr. Nanau Indom financial and economic person first son of Dr. Apaki Indu who is known very well in Ghana. Will will he do a press conference at some point? Would he do an official because I noticed he's not been talking that much. He does write a few times. He does do Facebook posts >> and sometimes try to reach out to his former staff and stuff. I don't think he's done a formal interview or media engagement since this whole thing happened.

[00:00:34]>> That's right.

[00:00:35]>> Yeah.

[00:00:35]>> Um I think there there definitely will be one in in the next few days. I think we want to see what the judgment actually says.

[00:00:43]>> Okay.

[00:00:43]>> There are some conversations that are happening now that I think he wants to have and just sort of take the pulse of certain entities and and people >> and then I think he'll he'll I mean within the next few days you should probably see something >> from him.

[00:00:59]>> But it's delivered. Yeah. He we wanted to just see make sure we know where we stand >> before we so that's very important. Um, [snorts] some people say that part of this was politics. Is that how he feels about it?

[00:01:14]>> I mean, everything is politics, isn't it? Uh, but but I mean, I think that our lawyer has has said and we have also said that despite the the postthanking the president, we all of those things mattered, right? But at the end of the day, this thing happened in court and it was a legal decision. And I hope that people would have enough confidence in the legal system to believe that they did what they believed was the right thing regardless of the political environment >> because whatever the administration postures is critical despite what the court says, right? So if the >> sitting president were against the process in any way, even if you won the victory in court, it would still be very difficult, wouldn't it? Well, well, I think that if if the president was not was dead set against this happening, we would definitely be going to the Supreme Court. We would expect that we would expect a very vigorous uh defense. Um I can't say that the verdict would have been different, but definitely the process if if what happened still happened, the process would >> Yeah. But do you follow Ghana politics yourself that closely?

[00:02:23]>> Somewhat closely. I mean, I've been very close to politics and it's kind of seeing the underbelly of it is kind of a turnoff, but uh but [laughter] uh you know, a lot of people ask me, you know, when when I'm going to start running for and I I always tell them the day after, never. It's it's it's never.

[00:02:39]Yes. Yes. It's it's it's not going to happen for me, but but I I watch I pay attention to what's going on. And I think, you know, it's very difficult to be successful without being aware of what the political environment is. So you you don't want to run for office in Ghana?

[00:02:54]>> I I wouldn't well anywhere. I I wouldn't I don't think I'm a politician at uh at heart.

[00:02:59]>> Would any of your siblings consider it >> here in Ghana? Definitely not. Um you know, I don't know. Everybody's talked about Dr. A. Um he seems well positioned, but he's never really expressed.

[00:03:11]>> He's your your baby brother.

[00:03:12]>> Yes, he's number two.

[00:03:15]>> He he seems to be more politically inclined. I think he's better positioned to run for office where he is. Um, and you know, he's got >> Where is he?

[00:03:25]>> He's in Atlanta.

[00:03:26]>> So, he's more in US because you guys were born in the US, right?

[00:03:30]>> We were.

[00:03:30]>> So, he he could do politics in the US.

[00:03:33]>> Yeah, we all could if we >> But not certainly not in Ghana.

[00:03:36]>> No, I I couldn't see.

[00:03:38]>> But your businesses are more in Ghana.

[00:03:39]You had a bank in the US. Is it still in in operation?

[00:03:42]>> It's there. It's small. You know, when you think about banks in the US, people think these huge It's quite small. It's a community bank.

[00:03:49]>> It's a community bank.

[00:03:50]>> Was it affected by the license vocation in Ghana?

[00:03:54]>> Uh yeah, a bit a bit, you know, some of that news trickled over. A lot of questions were asked. The same thing happened in Liberia, but uh we >> Oh, you had you had businesses in Liberia, too?

[00:04:06]>> We have a few businesses in Liberia.

[00:04:08]Yeah.

[00:04:08]>> So, you would say there was like some sort of reputational hit with the revocation in 2019.

[00:04:14]>> Massive one. you know that that document that BOG put out, it went it went everywhere. It went everywhere. And so any big deal with the development institutions all over the world, they we would get to almost signing and then this issue would pop up. So we lost, you know, tens of millions in financing deals because of >> uh the impact of that one document. So why don't you also share this new document the judgment so that now that the court says what they did was wrong maybe you have the chance to correct that to say well this is actually the current state of affairs.

[00:04:48]>> Well I think when we are if we're ever in the middle of another deal and this thing comes up we can present uh this counter. It's unfortunate that that document is still out there. I mean you can see it now on social media. people are still rehashing that original document which has a lot of problematic things in it but that's another story but um yes I mean I think that that now we shouldn't have the same challenges >> we had so if you if you were to give yourself a sense of timeline based on the fact that the consequential orders are not yet known >> and the the position of the bog may not even be clear realistically if all were to go well when would we CGN savings and loans back in business.

[00:05:36]>> Um I think it would be this year.

[00:05:38]>> Okay.

[00:05:38]>> I I think you know it may be in this quarter.

[00:05:41]>> Okay.

[00:05:42]>> Um but you know yeah that that's I think before the end of the year would be a very safe estimate before September would be somewhat you know ambitious.

[00:05:51]>> So you said within the group there's enough human resource and appetite to hit the ground running if the all clear is given. Oh well yeah I mean I think you you need a management team you don't need a huge you know sometimes regulatory requirements dictate that you have CEO CFO CFO and sometimes for a smaller institution it's a bit much but I mean I think you get your management team and then with one branch you know how many people four people in a branch yeah with maybe 20 25 people you can start you can start something I mean we're coming back as a savings and loan not a fullblown bank so the requirements are not you you know, that hefty in terms of personnel. And then also, we're still in banking. We're familiar with the technology. We have some ways that we can um we can spend less than a startup bank would have had to spend to get back on track in terms of technology and systems and knowhow and and what?

[00:06:46]Would you expect the central bank to contribute to your capital looking at the damage of what has happened to you and in in if the assets that the receiver has disposed of are not recoverable?

[00:07:03]>> It would be nice if something came but I don't think it would come from the bank of Ghana.

[00:07:07]>> They don't capitalize savings and loans companies. Even though this may be a unique situation, >> I think it would be difficult to see it something from the BOG themselves.

[00:07:21]>> But, you know, it's one of those questions that need needs to be answered like how do you >> how do you deal with all those other losses that occurred, >> not to mention the reputational damage, but but yeah, something will need to happen. But what that is, where it's coming from, I think is is really >> some of your stuff in the past few years came on air. I think some of you wanted to demonstrate when the assets were being disposed of. How many of them are you in touch with and how hopeful are they that you you guys can go back to the good old days?

[00:07:56]>> Oh, we we are in touch with quite a number of them. There are lots of different platforms. Of course, you know, the the oneman demo gentleman, he was in the video after he was the one who jumped on 904. He's been like our most loyal former um staff member, but a number of them are around. Since this thing has happened, we've gotten quite a few phone calls of people ready and willing to come to come back.

[00:08:20]>> So, if if you were to open one branch, where would the branch be?

[00:08:23]>> Well, Dr. No said the first branch will be in Almina.

[00:08:25]>> Oh, [snorts] Elmina is still the base.

[00:08:28]>> The Republic of Almina. Yes.

[00:08:30]>> You don't you don't seem as enthused about about the prospects of the country as your dad is.

[00:08:39]That's the sense I get.

[00:08:40]>> Really?

[00:08:42]>> I'm just I'm just It's just my Maybe I could be wrong. I'm I'm trying to read you.

[00:08:46]>> Oh, I'm optimistic about >> because he's been he left the US many years ago and he's been here.

[00:08:50]>> Yes.

[00:08:51]>> From his Wisconsin days. Um I think it was Deote. He's been in Ghana for a long time.

[00:08:56]>> Yes.

[00:08:57]>> And you can tell he really wants to be in Ghana. Yes.

[00:09:00]>> Yeah. But we're not so sure of the next generation >> whether Ghana Ghana you as excited about Ghana as as your old man, your old woman.

[00:09:11]>> I'll tell you an interesting story. So when I was in undergrad, when I was at at Princeton, I was sitting with my thesis advisor and I told him I was 20 at the time. I told him that I'm coming back to Ghana at some point and he laughed at my face. He said it would never happen. And I think that's probably one of the few things that even strengthened my resolve. So I always knew I was >> He didn't believe he would come back.

[00:09:33]>> No, no. He thought it was he thought it was the most ridiculous thing he had ever heard.

[00:09:37]>> For a Princeton guy who has all the the promise ahead of him in the Western world to opt to come back to Ghana, >> but he didn't know who your father was and he didn't know your ties to Ghana, did he?

[00:09:49]>> Um, no. No. But you know, I I still think it was quite interesting that he so violently rejected the uh the idea.

[00:09:56]But I mean I think the point is that I decided from a very early age that I was going to come back. You know I went to boarding school here. I went to St. Augustine and then >> Oh, you went to St. Augustine?

[00:10:06]>> Yeah. Yeah.

[00:10:07]>> I see.

[00:10:07]>> I did my at St. >> So your father took you back to his school.

[00:10:11]>> Yes. I was I was >> So was this the Ole system or the >> It was I was part of the last batch.

[00:10:16]>> So 96.

[00:10:17]>> Yes.

[00:10:18]>> You did you did form five form five. But did you do upper six in Augustine?

[00:10:22]>> No, I didn't. So I did 94. Yeah. So that 94 two to five and I finished in ' 94.

[00:10:28]Then I did six form in Ara.

[00:10:31]>> So what house were you in St. Augustine?

[00:10:33]>> Patrick's.

[00:10:34]>> Serious?

[00:10:35]>> Same house as my dad.

[00:10:36]>> Really? Did your other siblings come to school in Ghana?

[00:10:39]>> They they did Bishop Bower's GIS.

[00:10:42]>> Okay. But you did St. Augustine to check that box, >> I tell you.

[00:10:46]>> Wow.

[00:10:48]But how do you see let me just the world economy and Ghana is the is it because it's a lower middle income country on paper right?

[00:10:59]>> Mhm.

[00:11:00]>> And I don't know how the growth if you compare us to say Southeast Asia.

[00:11:05]>> Mhm.

[00:11:05]>> Where China is growing in leaps and bounds.

[00:11:08]>> Mhm.

[00:11:09]>> How do you assess the prospects >> of of a country like Ghana within the global economic opportunity? Well, I think Ghana is and will remain a very attractive place for investment, repatriation for some time to to uh to come. I mean, it's it's very peaceful.

[00:11:28]We've had very contentious elections.

[00:11:30]They've always been resolved peacefully.

[00:11:32]Um and and we've always had open arms for people who come in. And I think we're I think we're moving in the right direction. And I think there's there's a lot of excitement and I think that excitement is is growing. M so the the the so-called economic turnaround and the stability and the IMF program conclusion what do they mean for an institution like yours?

[00:11:51]>> Oh I think it's it's easier to do business in a thriving economic environment. So if we continue along that path it should sort of grease the wheels and provide more opportunities for uh institutions like us. I mean we run hotels. We want more tourists.

[00:12:06]>> We we have um you know the insurance companies are there. We want more international business. We want people to be comfortable uh putting their risks ensuring their risks in places like Ghana.

[00:12:18]>> And um yeah, we want we want people to keep coming repatriating. You know, now so many Americans, African-Americans and other members of the diaspora are finding out that they're from Ghana and they're coming in in droves and we want that to to >> How is the country viewed in the US where you grew up?

[00:12:34][snorts] >> Well, Ghana, it depends. one part where I grew up probably they don't think about Ghana a lot but then in the latter part of my childhood in the DC area I think Ghana is still >> Nobody tells you are you Guyana or Ghana they don't keep asking that question >> that's only happened once and I I'd be surprised if it happens again >> all right would you be going to watch the World Cup >> I'll see one of the matches >> I see this is US so by the way in US which state are you doiciled in >> Virginia DC that area >> so that's where the a lot of the Ghanaians are as well >> yeah do you follow football.

[00:13:09]>> Yes, >> I see.

[00:13:11]>> I I hesitated because my team is not uh >> hasn't been doing >> which one is your team?

[00:13:16]>> Well, my team my team is the Almino Sharks here in G. But it's same same thing.

[00:13:20]>> I think they ended um division one.

[00:13:22]>> They're in division one. Yeah.

[00:13:24]>> So the also affected by the license revocation.

[00:13:27]>> I think you could say that they were.

[00:13:31]But so the Yeah. But so aside from the Sharks, I I believe the football you're talking about is the Premier League.

[00:13:36]Yes, of course. So I'm a Chelsea Po Chelsea. I know. Poor you. It's been >> I'm so sorry. So you you are suffering a lot in life everywhere you pass. 10th position. Does your father also follow football or he he's just Elina Sharks?

[00:13:49][sighs] >> I don't I don't know who he supports. I don't know if he supports anyone in England, but he's >> he's a Sharks fan.

[00:13:57]>> He's an Elina Sharks fan.

[00:13:58]>> Yeah. Yeah. Yeah.

[00:13:58]>> But how is Elmina doing?

[00:14:00]>> Elmina the town.

[00:14:02]>> Yeah.

[00:14:02]>> It's doing okay.

[00:14:04]>> You have a coconut grove in Elmina.

[00:14:05]>> We do. Is it still vibrant?

[00:14:08]>> It's it's it's working. I mean, once that road gets completed, we we >> the main Acra Cape Coast.

[00:14:14]>> Yeah. I was there this weekend. It took me eight hours to get there.

[00:14:17]>> Serious.

[00:14:17]>> Um I think that's a bit unique. 5 hours to come back. But you can see progress when they finish that road.

[00:14:22]>> When they finish that road, you think >> Oh, I think it will take off. Yeah.

[00:14:25]>> Yeah. That hotel has been resilient for a long time.

[00:14:27]>> Yeah. Do you play golf?

[00:14:29]>> If if you teach me, I would play.

[00:14:30]>> I'll teach you. We have a golf course.

[00:14:31]We have 18 holes there. So, >> okay. If you I play football. Ah. Oh, really?

[00:14:36]>> Yes. Yes.

[00:14:37]>> But at some at a certain point, you'll be too old to play golf.

[00:14:39]>> So, I should I should do golf.

[00:14:40]>> You should start now. You don't want to start playing golf when you're in your 60s.

[00:14:43]>> I don't know the difference between the two. Which one is the putt?

[00:14:46]>> The putt is the one when you're close.

[00:14:48]>> The close. And which one is the the >> the driver? The driver.

[00:14:51]>> That's called what? The driver.

[00:14:53]>> That's the driver. Yes.

[00:14:53]>> How long will you take me to learn?

[00:14:55]>> Oh, you can pick up golf in 30 days.

[00:14:57]>> So, you have a golf course in Coconut Grove.

[00:14:59]>> We do.

[00:14:59]>> Okay. Maybe when you do the launch of when you re relaunch the savings and loan company in the Almina and you invite us when we finish covering it then we'll play a golf.

[00:15:10]>> Sure. That would be great.

[00:15:11]>> Nine hole or 18 holes?

[00:15:12]>> 18 holes.

[00:15:14]>> 18 holes on the Hey, that's big.

[00:15:15]>> It's big. Yeah, it's it's a fun course to play. It's difficult.

[00:15:19]>> Anybody to say thank you to that tortuous 7-year journey? Oh, I think I think the number one Well, we we thank God obviously um before anyone else, but I think our families >> are they deserve a lot of credit for what they've sort of gone through in indirectly.

[00:15:37]>> Yeah.

[00:15:38]>> You know, they they have to hear all the comments and they see the stories and stuff and and they also have to console us when we're in our weaker moments. So we really I would say our family is is number two and and I think the customers and the staff members because not everybody in all the other companies stuck with us. A lot of them didn't see a way out because their companies had been affected. But the ones who stayed with us are now uh benefiting and we we're very grateful >> for them. Um we've we've had some loyal customers and um you know my my dad put a one of his gratitudes was to the president and a lot of people didn't h they they turned it into a political political thing. I mean I I think that um >> you know we we're thankful that we're in an environment where something like this can happen and not be kicked back against very vigorously. So >> I guess thanks in advance for not >> taking us to the Supreme Court. No push back from the president. Dr. Nanakuindum is the Ghana CEO or the president of group Indom Ghana and they have had their license.

[00:16:49]Well, it hasn't technically been re reinstated but the order has been given by the central bank. So, we can say they will they are well on their way to do that. He's talking to us about the sevenyear journey. Thanks for watching and thanks for being on the show.

[00:17:00]>> Yeah, thank you.

[00:17:01]>> Yeah, good luck to you.

[00:17:02]>> Okay. Take care.

[00:17:02]>> Thanks. Hope you've enjoyed the show.

[00:17:03]We'll see you next time. Bye-bye.