Former presidential hopeful and Founder of Groupe Ndoum, Dr. Papa Kwesi Nduom, has detailed the unpleasant experience he had to endure after the license of GN Savings and Loans was revoked during the banking sector clean-up initiative.
“Things are just too bad. People have died, jobs have been lost, and properties have been ruined. We can’t get back a lot of things, but we promise to get our business back on track”, he said while speaking to journalists on May 21st after the verdict by the Appeals Court.
He further added that, “ The last seven years have been challenging. We have had some dedicated and industrious staff who have remained with us over the years.”
“We are truly grateful to the almighty for providing us with the strength to reach this point, especially during these challenging times we’ve faced. We are hopeful for the restoration of our license. We are ready to take action and contribute to reaching the prosperity we aspire to achieve.”
Background
The Court of Appeal has unanimously reinstated the licence of GN Savings and Loans Company Limited.
Following the ruling of a three-member panel, the High Court’s decision to uphold the license revocation was overturned. The panel deemed the original decision to revoke the license as unfair and unjust.
The verdict issued by the Second Highest Court annulled both the prior ruling to revoke the license and the High Court’s decision to uphold that ruling.
The court also directed the receiver to maintain and hand over control assets and other activities to its previous management.
This ruling marks a significant milestone in the protracted legal dispute between GN Savings and Loans and the Bank of Ghana over the contentious banking sector clean-up project which was started in 2018 where a number of indigenous banks collapsed because they could not meet the minimum threshold to be classified as a bank.
