Head of Groupe Nduom, Dr. Papa Kwesi Nduom, has welcomed the Court of Appeal’s decision to restore the licence of GN Savings and Loans, describing it as a pivotal moment for both the institution and Ghana’s economic future.
Speaking after the ruling, Dr. Nduom said the judgment signals renewed hope for businesses and national prosperity, marking the end of what he called “seven painful years of struggle, uncertainty, and loss” following the collapse of the financial institution during the 2018 banking sector clean-up.
“We are in a very good political environment, one that has brought about a wind of change,” he noted. “With the licence restored, we are ready to play our part in ensuring this country achieves the level of prosperity it deserves.”
The decision marks a major breakthrough in the long-running legal battle between GN Bank and the central bank over the controversial banking sector reforms introduced in 2018. Reflecting on the years following the revocation of the bank’s licence, Dr. Nduom said the impact had been devastating for workers, families and businesses connected to the group.
“It’s been a difficult, very, very difficult seven years,” he stated. “We want to thank the family. We want to thank all of our employees. We’ve had some very, very, very loyal, hardworking employees who have stood with us all these years.”
He added that the emotional and economic toll of the crisis would never be fully forgotten. “There are just too many difficulties. Some people have died. Some have lost their jobs. Assets have been destroyed,” he lamented. Despite the hardships, the businessman expressed optimism that the restoration of the licence would mark the beginning of a stronger and more impactful era for the company.
“What we promise is that we will restore this country. We will restore our business. And we will make certain that our second coming is even better than the first one.” Dr. Nduom also thanked loyal staff and supporters who stood by the organisation throughout the legal battle, describing their commitment as extraordinary in the face of immense pressure and uncertainty.
The Court of Appeal ruling is expected to spark renewed national conversation about Ghana’s banking sector clean-up and its effects on businesses, jobs and investor confidence.
Source: Abigail Arthur
