The Founder of GN Savings and Loans, Dr Papa Kwesi Nduom, has called the last seven years extremely tough after the Bank of Ghana (BoG) withdrew the company’s licence.
His remarks follow the Court of Appeal’s order to the Bank of Ghana to reinstate GN Savings and Loans’ licence, setting aside a prior High Court decision that backed the cancellation of the institution’s operating permit.
The three-judge panel also ruled that all company assets be returned to their original owners and instructed the Receiver to give control of the firm back to its previous management team.
The legal battle between GN Savings and Loans and the Bank of Ghana began in 2018 during the banking sector clean-up.GN Savings and Loans was downgraded to a savings and loans company on January 4, 2019, and later renamed GN Savings and Loans Company Limited.
Addressing reporters after the ruling on Thursday, May 21, Dr Nduom said the period after the revocation was “very, very difficult.”“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,” he said.
He also thanked God for keeping him and his team strong through what he described as an unimaginable experience.“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,” he added.
Dr Nduom further credited the court win to what he called a positive political climate and a “wind of change” after the change in administration. “We are in a very good political environment, and that environment has brought about a wind of change. 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 stated.
He added that GN Savings and Loans would, at the right time, hold a press conference to update Ghanaians on the hardships the company faced during the legal fight.
