Restore GN Bank License – Former Employees Urge Government

A group calling itself concerned former employees of defunct GN Bank now called GN Savings and Loans Limited is appealing to the Akufo-Addo government to restore the bank’s license to complement efforts in creating sustainable jobs.

GN Bank which was under the Groupe Nduom brand lost its operational license after it was reclassified as a Savings and Loans firm in 2019.

Speaking at a press conference in Accra to commemorate 4 years of the bank’s license revocation, the former Eastern Regional Manager of the defunct Bank, Kofi Fosu, lamented that the decision of the Bank of Ghana has negatively impacted the livelihoods of over 3000 households.

“Passionately, we are appealing to the President of the Republic to intervene by using his executive powers to urge the Governor of the Bank of Ghana, to restore the operational license of GN Savings and Loans. Such action will restore the lost opportunities to the employees, customers, shareholders and the business community.”

“Restoration of GN Savings and Loans will also help to restore the lost confidence in indigenous Ghanaian entrepreneurs and galvanise the private sector as an engine of economic growth,” the former Eastern Regional Manager of GN Bank appealed.

Kofi Ofosu further called on the Receiver to protect the remaining assets of GN Savings and Loans.

“We also call on the Receiver to take appropriate measures to protect the remaining assets of GN Savings and Loans from further destruction”.

The Supreme Court on July 20 gave businessman and politician, Paa Kwesi Ndoum the green light to challenge the revocation of the license of GN Bank at the High Court.

This follows a judgment by the apex court overturning an earlier decision of the Court of Appeal barring it from challenging the revocation at the High Court.

GN Bank which was under the Groupe Nduom brand was part of a number of financial institutions whose licenses were revoked in 2018 as part of the banking sector clean-up exercise.

Paa Kwesi Nduom who is the founder of the bank made an application to the High Court challenging the revocation.

But respondents in the matter including the Bank of Ghana moved to the Court of Appeal for a determination that the appropriate forum for challenging the revocation under the specialized deposit-taking institutions ACT is through arbitration.

The Court of Appeal granted their application, stayed proceedings at the High Court, and directed the parties for arbitration.