Can't DROP GROUP, cannot be dropped because some objects depend on it
What I found is that in order to drop a group you have to revoke all privileges that the group might have been assigned. A group can have default privileges, usage on schema, and grants on tables. I used following 5 statements and then was able to drop the group. 

--Drop All users from the group
alter group &lt;groupname&gt; drop user &lt;username&gt;;
--REVOKE usage on the group
REVOKE ALL ON SCHEMA &lt;schema1&gt;,&lt;schema2&gt;,&lt;schema3&gt;,&lt;schema4&gt;,&lt;schema5&gt;,public
    FROM group &lt;groupname&gt;;
--REVOKE grants on tables
REVOKE ALL ON ALL TABLES IN SCHEMA &lt;schema1&gt;,&lt;schema2&gt;,&lt;schema3&gt;,&lt;schema4&gt;,&lt;schema5&gt;,public
    FROM group &lt;groupname&gt;;
--REVOKE Default privileges on TABLES
ALTER DEFAULT PRIVILEGES for USER &lt;username&gt; IN SCHEMA &lt;schema1&gt;,&lt;schema2&gt;,&lt;schema3&gt;,&lt;schema4&gt;,&lt;schema5&gt;,public
    REVOKE ALL ON TABLES FROM group &lt;groupname&gt;;
--REVOKE Default privileges on FUNCTIONS if any
ALTER DEFAULT PRIVILEGES for USER &lt;username&gt; IN SCHEMA &lt;schema1&gt;,&lt;schema2&gt;,&lt;schema3&gt;,&lt;schema4&gt;,&lt;schema5&gt;,public
    REVOKE ALL ON FUNCTIONS FROM group &lt;groupname&gt;;
--drop the group finally
drop group &lt;groupname&gt;;