GN Savings licence revocation led to 4,500 job losses — Kweku Nduom
President of Groupe Nduom Ghana, Dr Nana Kweku Nduom, says the group recorded about 4,500 direct and indirect job losses between August 16, 2019, and May 25, 2026, following challenges faced by its businesses after the banking sector clean-up.
He made the disclosure on Point of View on Channel One TV on Monday, May 25, following the Court of Appeal’s decision ordering the restoration of GN Savings and Loans’ licence, overturning an earlier High Court ruling that upheld its revocation during Ghana’s financial sector clean-up exercise.
The appellate court also directed that all assets be returned to the company’s original owners and that management be restored to the former leadership.
Speaking in an interview with host Bernard Avle, Dr Nduom said the impact of the licence revocation extended beyond the institution itself.
According to him, the ripple effects disrupted several businesses within the Groupe Nduom network.
“Direct and indirect job losses are about 4,500. And it wasn’t even the job losses because we banked with the bank, but other companies banked with us, and so when the licence was revoked, their deposits were also locked up.
“When most of the individuals got their deposits, a lot of our companies didn’t, so we had to go through a long process. Some of the companies got their funds; others didn’t,” 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 also indicated that the group intends to rebuild and restore confidence among affected customers and employees.
GN Savings and Loans was among several financial institutions affected during Ghana’s banking sector clean-up exercise, which led to widespread licence revocations and restructuring within the industry.
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