The founder of GN Savings and Loans, Dr Papa Kwesi Nduom, has described the past seven years as an “unimaginable” ordeal following the revocation of the company’s licence by the Bank of Ghana. He made these remarks after the Court of Appeal ordered the licence restored.
The three-member panel overturned an earlier High Court ruling that had upheld the revocation, directing that all assets of the company be returned to its original owners and that the Receiver hand over management to the former management team.
The dispute dates back to 2018, when GN Savings and Loans was caught up in the Bank of Ghana’s banking sector clean-up exercise. The institution was reclassified as a savings and loans company and renamed GN Savings and Loans Company Limited on January 4, 2019.
Speaking to journalists after Thursday’s ruling, Dr Nduom was visibly emotional, expressing gratitude to his family, employees, and God for sustaining them through the lengthy battle.
“It’s been a difficult, very, very difficult seven years. We want to thank the family. We want to thank all of our employees who have stood with us all these years,” he said.
“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. It’s just unimaginable,” he added.
Dr Nduom also attributed the court victory in part to what he described as a favourable political climate following the change in government, saying a “wind of change” had contributed to the outcome. He added that the company would hold a press conference in due course to brief Ghanaians on the full extent of the challenges it endured.
“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 said.
