President of Groupe Nduom Ghana, Dr. Nana Kweku Nduom, has expressed concern about the wider impact of the Bank of Ghana’s revocation of the GN Savings and Loans licence, saying it also affected the group’s international operations, including businesses in the United States and Liberia.
His comments come after the Court of Appeal ordered the restoration of GN Savings and Loans’ licence, overturning an earlier High Court decision that had upheld its revocation during Ghana’s financial sector clean-up exercise.
The court also directed that all assets be returned to the company’s original owners and that the Receiver hand over management to the former leadership.
Speaking in an interview with Bernard Avle on Channel One TV’s The Point of View on Monday, May 25, Dr. Nana Kweku Nduom said the impact of the revocation extended beyond Ghana, affecting even smaller affiliated institutions abroad.
According to him, the group’s community bank in the United States and other businesses in Liberia were also affected by the fallout.
He noted that the public notice issued by the Bank of Ghana on the licence revocation created reputational challenges for the group, which affected business negotiations and partnerships.
“Yeah, a bit, some news trickled in, a lot of questions were asked. The same thing happened in Liberia; we have a few businesses in Liberia. Massive one [reputational hit], that document BoG put up went everywhere. Any big deal we went to sign, and the issue popped up. We lost tens of millions in the finance deal due to the impact of that document,” he said.
Founder of Groupe Nduom, Dr. Papa Kwesi Nduom, has previously described the Court of Appeal ruling as the beginning of a new chapter for the business after years of legal and financial setbacks following the 2019 licence revocation.
He has indicated that the group intends to rebuild operations and restore confidence among affected customers and employees.
GN Savings and Loans was among several financial institutions impacted during Ghana’s banking sector clean-up exercise, which led to widespread licence revocations and restructuring within the industry.
