GN Savings licence revocation impacted our international operations – Kweku Nduom
President of Groupe Nduom Ghana, Dr. Nana Kweku Nduom, has revealed that the Bank of Ghana’s decision to revoke the licence of GN Savings and Loans had far-reaching consequences beyond Ghana, affecting the group’s operations in the United States and Liberia.
His remarks follow a recent Court of Appeal ruling ordering the reinstatement of GN Savings and Loans’ licence, overturning an earlier High Court judgment that upheld the revocation during Ghana’s financial sector clean-up exercise.
The appellate court further directed that all assets of the company be returned to its original owners and instructed the Receiver to hand over management to the former leadership of the company.
Speaking in an interview with Bernard Avle on Channel One TV on Monday, May 25, Dr. Nana Kweku Nduom said the impact of the licence revocation extended to the group’s affiliated businesses abroad, including a community bank in the United States and other ventures in Liberia.
According to him, the public notice issued by the Bank of Ghana on the revocation significantly damaged the reputation of Groupe Nduom, creating challenges in securing business partnerships and financial deals.
“Some news trickled in and a lot of questions were asked. The same thing happened in Liberia where we have a few businesses. The reputational hit was massive. That document the BoG published went everywhere. Anytime we were about to sign a major deal, the issue came up. We lost tens of millions in finance deals because of the impact of that document,” he stated.
Founder of Groupe Nduom, Papa Kwesi Nduom, has earlier described the Court of Appeal ruling as the start of a new chapter for the company after years of legal and financial difficulties following the 2019 licence revocation.
He said the group is focused on rebuilding its operations and restoring confidence among customers and staff affected by the financial sector reforms.
GN Savings and Loans was among several financial institutions affected during Ghana’s banking sector clean-up exercise, which resulted in multiple licence revocations and major restructuring within the financial industry.
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