The Founder of GN Savings and Loans, Papa Kwesi Nduom, has described the past seven years as extremely difficult following the revocation of the company’s licence by the Bank of Ghana.
His comments come after the Court of Appeal ordered the Bank of Ghana to restore the licence of GN Savings and Loans, overturning an earlier High Court ruling that upheld the revocation of the institution’s operating licence.
The three-member panel also directed that all assets of the company be returned to its original owners and ordered the Receiver to hand over management of the company to its former management team.
The legal dispute between GN Savings and Loans and the Bank of Ghana dates back to 2018 during the banking sector clean-up exercise.
GN Savings and Loans was reclassified as a savings and loans company on January 4, 2019, and subsequently renamed GN Savings and Loans Company Limited.
Speaking to journalists after the ruling on Thursday, May 21, Dr Nduom described the period following the revocation as “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 expressed gratitude to God for sustaining him and his team through what he described as an unimaginable ordeal.
“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 attributed the court victory to what he described as a positive political environment and a “wind of change” following the change in government.
“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 appropriate time, hold a press conference to brief Ghanaians on the challenges the company endured throughout the legal battle.
