Businessman and President of Groupe Nduom, Papa Kwesi Nduom, has described the restoration of GN Savings and Loans’ licence as the beginning of a new era for the company and a positive signal for business confidence in Ghana.
Speaking after the Court of Appeal overturned the Bank of Ghana’s decision to revoke the company’s licence, Dr. Nduom said the ruling marks the end of a difficult seven-year legal and financial struggle.
“It’s been difficult, very, very difficult for seven years. We want to thank the family. We want to thank all of our employees,” he said.
“We’ve had some very loyal and hardworking employees who have stood with us all these years.”
According to him, the prolonged legal battle had caused severe hardship for the company, its workers and many families connected to the business.
“Because this has been a very, very tough, very difficult time that we have gone through. It’s just unimaginable,” he stated.
The Court of Appeal on Thursday overturned an earlier High Court ruling that had upheld the revocation of GN Savings and Loans’ licence during Ghana’s banking sector clean-up exercise.
The three-member panel ordered the restoration of the company’s licence and directed the Receiver to hand over management and control of the institution back to its shareholders.
The court also instructed that the company’s assets be returned to the original owners.
Reacting to the judgment, Dr. Nduom said the decision has renewed hope for businesses operating in Ghana.
“What I want to say also is that we are in a very good political environment. And that environment has brought about a wind of change,” he noted.
He expressed optimism that the restoration of the licence would allow the company to contribute meaningfully to national economic growth and financial inclusion once again.
“And we are expecting that with the licence restored, that we will now play our part in making sure that this country achieves the level of prosperity that is needed,” he added.
Dr. Nduom also reflected on the human impact of the financial sector clean-up exercise, saying many people lost jobs, livelihoods and valuable assets during the period.
“There are just too many difficulties. Some people have died. Some have lost their jobs. Assets have been destroyed,” he lamented.
Despite the setbacks, he assured customers, workers and supporters that Groupe Nduom would return stronger.
“What we promise is that we will restore this country. We will restore our business. And we will make certain that our second coming is even better than the first one,” he declared.
GN Bank’s licence was revoked in August 2019 after it had earlier been downgraded and reclassified as GN Savings and Loans during Ghana’s banking sector reforms.
Although the High Court ruled in favour of the Bank of Ghana in January 2024, the latest Court of Appeal decision has now restored the company’s operating licence.
