Reports coming in suggest the GN Bank has resumed full operation following the restoration of the licence of GN Savings and Loans, formerly known as GN Bank.
According to reports by Angel FM, the GN Bank has resumed full operation with Asylum Down branch.
A news card shared by Angel FM on Facebook read, “GN Bank resumes full operation with Asylum Down branch”.
The news contradicts Dr Paa Kwesi Nduom, the founder of GN Bank, who has disclosed that the first branch of the Bank, will be reopened in Elmina.
The GN Bank founder disclosed that, step by step, they will get other branches reopened with renewed confidence and excellence.
Speaking at an event, Dr Paa Kwesi Ndoum disclosed, “The first branch we will reopen will be in Elmina, and then from here on, step by step, we will get those branches open over a period of time, but working with renewed confidence, renew excellence so that we can be better than we were before”.
Papa Kwesi Nduom, the Founder of GN Savings and Loans, has said the past seven years have been ‘difficult, very, very difficult’.
He further expressed gratitude to God for sustaining him and his team.
According to Papa Kwesi Nduom, Ghana is now in a very good political environment, adding that with the wind of restoration of their license, they are ready to play their role for Ghana to achieve the prosperity it needs.
Speaking to the media following the Court of Appeal has, by a unanimous decision, restored the licence of GN Savings and Loans Company Limited, Papa Kwesi Nduom stated, “It’s been a difficult, very, very difficult seven years. We want to thank the family. We want to thank all of our employees. We’ve had some very loyal, hardworking employees who have stood with us all these years”.
“And definitely, we give thanks to the Almighty for keeping us healthy enough to be where we are because this has been a very, very tough, very difficult time that we have gone through. It’s just unimaginable,” he added.
“We are in a very good political environment, and that environment has brought about a wind of change. We are expecting that with the licence restored, we will now play our part in making sure that this country achieves the level of prosperity that is needed,” he stated.
He further disclosed that GN Savings and Loans would, at the appropriate time, hold a press conference to brief Ghanaians”.
Meanwhile, Toma Imirhe, a Financial analyst, has cast doubt on the ability of GN Savings and Loans Company Limited, formerly known as GN Bank, to succeed despite the restoration of its operating licence.
According to the Financial Analyst, GN Savings and Loans Company Limited’s bigger challenge lies in rebuilding the institution from the ground up and regaining the trust of the public.
Toma Imirhe cited Unicredit and other financial institutions that have gone through similar situations with their licences reinstated, but often struggle.
The Financial Analyst quizzed whether the GN Savings and Loans Company Limited would be able to attract depositors after the experiences many customers faced during the clean-up exercise in 2019.
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