GN Savings and Loans to reopen with 10 branches — Nduom

Businessman and President of Groupe Nduom, Papa Kwesi Nduom, has disclosed that GN Savings and Loans is preparing to resume operations, beginning with an initial rollout of 10 branches across the country.

According to him, rehabilitation works on the company’s first branch in Elmina are currently underway and are expected to be completed within the next three weeks.

Dr. Nduom made the announcement during a press conference on Friday, May 29, following the recent Court of Appeal ruling directing the Bank of Ghana to restore the licence of GN Savings and Loans.

“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 Court of Appeal on May 21 ordered the Bank of Ghana to restore the licence of GN Savings and Loans, overturning an earlier High Court ruling that had upheld the revocation of the institution’s operating licence.

The three-member panel further directed that all assets of the company be returned to its original owners and ordered the Receiver to hand over management to the previous management team.

The ruling marks a significant development in the long-running legal dispute between GN Savings and Loans and the Bank of Ghana over the controversial financial sector clean-up exercise initiated in 2018.

GN Savings and Loans was first reclassified as a savings and loans company on January 4, 2019, before being renamed GN Savings and Loans Company Limited.

However, on August 16, 2019, under the leadership of former Bank of Ghana Governor Ernest Addison, the central bank revoked the company’s operating licence and appointed Eric Nana Nipah as Receiver.