President of Groupe Nduom, Papa Kwesi Nduom, has admitted that rebuilding GN Savings and Loans will be a challenging and lengthy process following years of asset deterioration and disposal after the revocation of the company’s licence.
Speaking on JoyNews’ Newsfile programme on Saturday, May 23, Dr. Nduom said the group remains optimistic about returning to the financial sector despite the major setbacks suffered since 2019.
“It is going to be a long and complicated process to try and restore what we had. This is simply because so much time has passed and so much has happened,” he stated.
According to him, several company assets have either been sold off or left to deteriorate over the years.
“We have pictures and videos of vehicles, generators and motorcycles rusting and exposed to the elements,” he said.
Dr. Nduom further explained that many assets previously under the company’s control could no longer be accounted for.
“There are places where you would previously see 100 or 200 vehicles parked, but if you go there today, you will find only four or five. So a lot of the assets have been disposed of,” he added.
He indicated that Groupe Nduom is awaiting further court directives regarding the recovery and return of assets before taking major decisions on relaunching operations.
The comments follow a recent ruling by the Court of Appeal directing the Bank of Ghana to restore GN Savings and Loans’ licence and return the company’s assets to its shareholders.
The judgment overturned an earlier High Court decision that had upheld the revocation of the company’s licence during Ghana’s banking sector clean-up exercise.
Despite the difficulties, Dr. Nduom expressed confidence that the company would eventually re-enter the financial market once the legal and recovery processes are clarified.
