Chairman of Groupe Nduom, Papa Kwesi Nduom, has expressed optimism about Ghana’s current political and business climate following the Court of Appeal’s decision to restore the operating licence of GN Bank.
Speaking after the ruling on Thursday, Dr. Nduom said the prevailing environment in the country presents renewed opportunities for business recovery and national economic progress.
According to him, recent developments signal a “wave of change” that could enable businesses affected by past regulatory actions to rebuild and contribute more effectively to national development.
“What I want to say is that we are in a very good political environment. That environment has brought about a wave of change, and we are expecting, with the licence restored, that we will now play our part to ensure that this country achieves the prosperity needed,” he stated.
The comments follow a unanimous Court of Appeal decision restoring the licence of GN Savings and Loans Company Limited after quashing a High Court ruling that had upheld its revocation during the banking sector clean-up exercise.
The appellate court held that the decision by the Bank of Ghana to revoke the licence was unfair and unreasonable. It further ordered that the receiver return control and management of the company’s assets and operations to its shareholders.
Dr. Nduom described the ruling as a significant turning point after nearly seven years of legal and financial difficulties following the sector-wide financial reforms.
He noted that the restoration of the licence would enable the company to resume operations and contribute to Ghana’s economic growth.
The business leader also reflected on the social and economic impact of the banking sector clean-up on employees, families, and businesses associated with GN Bank, describing the period as deeply painful.
“There are just too many difficulties. Some people have died, some have lost their jobs. Assets have been destroyed,” he lamented.
While acknowledging that some losses may be irreversible, he said the company remains committed to rebuilding.
Dr. Nduom assured stakeholders, including customers and employees, that the group intends to return stronger.
“We will restore our business and we will make certain that our second coming is even bigger than the first,” he said.
