Founder of Groupe Nduom, Dr Papa Kwesi Nduom, has pledged to rebuild GN Savings and Loans stronger than before after the Court of Appeal ordered the Bank of Ghana to restore the firm’s operating licence.

The ruling marks a major legal victory for GN Savings and Loans, whose licence was revoked during Ghana’s banking sector cleanup exercise, leading to the appointment of a receiver and the eventual collapse of the bank’s operations.

Speaking to the media after the court hearing on Thursday, May 21, Dr. Nduom said that the restoration of the licence would allow the company to contribute once again to the country’s economic growth and prosperity.

“What we promise is that we will restore this company. We will restore our business and we will make certain that our second coming is even bigger than the first,” he declared.

The businessman also reflected on the human and economic impact of the banking sector cleanup, saying many people suffered irreversible losses.

“There are just too many difficulties. Some people have died; some have lost their jobs. Assets have been destroyed. Many things will not get back,” he lamented.

Despite the challenges, Dr. Nduom said the group remains determined to rebuild the company and emerge stronger.

He also described the last seven years during the licence revocation as one of the most difficult periods in the history of the business group. “It’s been a very difficult seven years,” he stated.

He expressed appreciation to his family and the company’s employees for standing by the organisation throughout the legal and financial challenges.

Dr. Nduom also thanked God for preserving their health and strength during what he described as a painful and exhausting journey.

According to him, the company would, in due course, address the public on the full details of its experience following the revocation of the bank’s licence.

“There’s a lot to say, but not today. At an appropriate time, we will hold a press conference to discuss what we have experienced, the difficulties, and so on,” he noted.

Background 

On January 4, 2019, GN Bank Limited was reclassified as a savings and loans company and consequently renamed GN Savings and Loans Company Limited.

Seven months later, on August 16, 2019, the BoG, then under the leadership of Dr Ernest Addison, revoked the operating licence of GN Savings and Loans Company Limited and appointed Eric Nana Nipah as Receiver as part of the banking sector clean-up exercise.

The same month, Groupe Nduom, owners of GN Savings and Loans Company Limited, led by Dr Papa Kwesi Nduom, challenged the revocation of the licence in the High Court in Accra.

On January 24, 2024, Justice Addo upheld the revocation of the licence.

It is this judgement of the High Court that owners of GN Savings and Loans Company Limited, led by Dr Papa Kwesi Nduom, challenged, which has been quashed.