Founder of GN Savings and Loans, Papa Kwesi Nduom, has described the past seven years as one of the most difficult periods of his life following the revocation of the company’s licence by the Bank of Ghana.
His remarks come after the Court of Appeal ordered the restoration of the institution’s operating licence, overturning an earlier High Court ruling that upheld the central bank’s decision during Ghana’s banking sector clean-up exercise.
The three-member panel also directed that all assets of the company be returned to its original owners and instructed the Receiver to hand over management of the company to its former leadership team.
“A Very Difficult Seven Years”
Speaking to journalists after the ruling on Thursday, May 21, Dr Nduom reflected on the emotional and financial toll the legal battle had taken on the company, its staff and stakeholders.
“It’s been a difficult, very, very difficult seven years. We want to thank the family. We want to thank all of our employees. We’ve had some very loyal, hardworking employees who have stood with us all these years.” - Dr Nduom
Dr Nduom also expressed gratitude to God for sustaining him and members of his team throughout the prolonged legal dispute.
“And definitely, we give thanks to the Almighty for keeping us healthy enough to be where we are because this has been a very, very tough, very difficult time that we have gone through. It’s just unimaginable.” - Dr Nduom
The dispute between GN Savings and Loans and the Bank of Ghana dates back to 2018 during the financial sector reforms aimed at restructuring Ghana’s banking and savings institutions.
The company was reclassified as a savings and loans institution on January 4, 2019, before its licence was revoked months later by the central bank.
GN Savings and Loans subsequently challenged the decision in court, insisting the revocation was unlawful and unfair.
Nduom Sees “Wind Of Change”
Dr Nduom further linked the court victory to what he described as a more favourable political climate following the change in government.
“We are in a very good political environment, and that environment has brought about a wind of change,” he said.
He added that the company was prepared to contribute to national development once operations fully resume.
“We are expecting that with the licence restored, we will now play our part in making sure that this country achieves the level of prosperity that is needed,” he noted.
According to Dr Nduom, the company will later hold a press conference to provide further details about the challenges it faced throughout the legal battle.
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