Businessman and President of Groupe Nduom, Dr. Papa Kwesi Nduom, has announced that GN Savings and Loans is set to resume operations, beginning with the reopening of 10 branches across the country.
According to Dr. Nduom, renovation works on the company’s first branch in Elmina are currently ongoing and are expected to be completed within the next three weeks as part of preparations for the relaunch.
He made the announcement during a press conference held on Friday, May 29, following a recent Court of Appeal ruling directing the Bank of Ghana to restore the licence of GN Savings and Loans.
“We have been preparing since 2019. We know the former employees we can rely on, and we have buildings that are ready for use. On the human resource side, which is essential, we are prepared,” Dr. Nduom stated.
The Court of Appeal, in a ruling delivered on May 21, overturned an earlier High Court decision that had upheld the revocation of the company’s licence by the Bank of Ghana. The three-member panel subsequently ordered the central bank to restore the operating licence of GN Savings and Loans.
The court further directed that all assets belonging to the company be returned to its original owners and instructed the Receiver to hand over management to the previous management team.
The ruling marks a major turning point in the prolonged legal battle between GN Savings and Loans and the Bank of Ghana following the controversial financial sector clean-up exercise initiated in 2018.
GN Savings and Loans was reclassified as a savings and loans company on January 4, 2019, before officially operating under the name GN Savings and Loans Company Limited. However, on August 16, 2019, the Bank of Ghana, under the leadership of former Governor Dr. Ernest Addison, revoked the company’s operating licence and appointed Eric Nana Nipah as Receiver.
The financial sector clean-up exercise led to the collapse and consolidation of several banks, savings and loans companies, and microfinance institutions, with authorities citing insolvency and regulatory breaches as reasons for the action.
With the latest court ruling in its favour, GN Savings and Loans is now preparing for a gradual return to business operations, while customers and stakeholders closely monitor developments regarding the restoration process.
