“We’ll Make Our Second Coming Better” — Papa Kwesi Nduom Speaks After GN Savings and Loans Licence Restoration Victory

Businessman and Groupe Nduom President, Papa Kwesi Nduom, says the restoration of GN Savings and Loan’s licence marks the beginning of a new chapter not only for the company, but also for Ghana’s economic recovery and business confidence.

Speaking after the Court of Appeal ordered the Bank of Ghana to restore GN Bank’s licence, Dr. Nduom described the decision as the end of a painful seven-year struggle that severely affected workers, families, and the company’s operations.

“It’s been difficult, very, very difficult for seven years. We want to thank the family. We want to thank all of our employees. We’ve had some very, very, very loyal, hardworking employees who have stood with us all these years,” he said.

He added that the period had taken a heavy toll on the business and the people connected to it.

“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 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 bank’s licence, directed that all assets be returned to the original owners and instructed the Receiver to hand over management of the company to its former leadership.

The ruling marks a major twist in one of Ghana’s most closely watched financial sector disputes since the 2018 banking reforms.

Reacting to the judgment, Dr. Nduom said the current political atmosphere gives him renewed hope that businesses can thrive again.

“What I want to say also is that we are in a very good, good political environment. And that environment has brought about a wind of change,” he said.

He noted that the restoration of the licence would allow the company to resume its role in national development and economic growth.

“And we are expecting that with the license 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 cost of the financial sector clean-up, saying many lives and livelihoods were disrupted.

“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 pledged that Groupe Nduom would rebuild stronger than before.

“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 reclassified as a savings and loans company. The company challenged the decision in court, arguing that the revocation was unlawful and unfair.

Although the High Court initially ruled in favour of the Bank of Ghana in January 2024, GN Bank appealed the decision, leading to the latest ruling restoring its licence.