Businessman and President of Groupe Nduom, Dr. Papa Kwesi Nduom, has described the restoration of GN Savings and Loans’ licence as a major step toward rebuilding business confidence and supporting Ghana’s economic recovery.
Speaking after the Court of Appeal ordered the Bank of Ghana to restore the company’s licence, Dr. Nduom said the ruling brings relief after what he called a painful seven-year ordeal for the company, its workers, and their families.
According to him, the period following the revocation of the licence had been extremely difficult, but he expressed appreciation to employees and supporters who remained loyal throughout the legal battle.
“It’s been difficult, very difficult for seven years. We want to thank our employees and everyone who stood by us through these challenging times,” he stated.
The Court of Appeal on Thursday overturned an earlier High Court decision that had upheld the revocation of GN Savings and Loans’ licence during Ghana’s banking sector clean-up exercise.
The three-member panel directed the Bank of Ghana to restore the company’s licence, return all assets to the original owners, and allow the former management to resume control of the institution.
Reacting to the ruling, Dr. Nduom said the current political climate gives him hope that businesses in Ghana can once again thrive and contribute meaningfully to national development.
He added that the restoration of the licence would enable the company to continue playing its role in promoting economic growth and prosperity in the country.
Dr. Nduom also reflected on the impact of the financial sector clean-up, noting that many workers lost their jobs while several businesses and livelihoods were affected.
Despite the setbacks, he assured that Groupe Nduom would work to rebuild stronger and better than before.
GN Bank’s licence was revoked in August 2019 during the banking sector reforms introduced by the Bank of Ghana. The company later challenged the decision in court, arguing that the revocation was unlawful.
Source: citinewsroom
