Businessman and President of Groupe Nduom, Dr. Papa Kwesi Nduom, has announced that GN Savings and Loans is set to restart operations, beginning with the rollout of 10 branches nationwide.
Dr. Nduom disclosed that rehabilitation works are already underway at the company’s first branch in Elmina, with completion expected within the next three weeks. He made the announcement during a press conference on Friday, May 29.
“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,” he stated.
The move follows a landmark Court of Appeal ruling on May 21, which directed the Bank of Ghana to restore the operating licence of GN Savings and Loans. The three-member panel overturned an earlier High Court decision that had upheld the revocation of the licence.
The Court further ordered the return of all assets to the original owners and instructed the Receiver to hand over management to the previous management team.
GN Savings and Loans was reclassified as a savings and loans company on January 4, 2019, and later renamed GN Savings and Loans Company Limited. Its licence was revoked on August 16, 2019, under former Bank of Ghana Governor Dr. Ernest Addison, who appointed Eric Nana Nipah as Receiver.
The development represents a major turning point in the protracted legal battle between GN Savings and Loans and the central bank, stemming from the financial sector clean-up exercise that began in 2018.
