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”.
His comments follow, the Bank of Ghana (BoG) have been ordered by the Court of Appeal to restore the licence of GN Bank.
The appeal court ruling follows an earlier High Court ruling that upheld the revocation of the financial institution’s operating licence.
The Court of Appeal three-member panel directed that all assets of the bank be returned to its original owners.
The receiver has also been ordered to hand over management of the company to its previous management team.
The Court of Appeal ruling marks a major development in the long-running legal battle between GN Bank and the Bank of Ghana.
GN Bank, which officially commenced operations in 1997 as First National Savings and Loans (FNSL) Company Limited, was upgraded to a universal bank on September 4, 2014.
It expanded rapidly across the country, establishing one of the largest branch networks in the banking sector.
The central bank, however, at the time argued that its regulatory assessments revealed that GN Bank’s expansion was not supported by adequate capital buffers and sound risk management practices.
BoG discovered that GN Bank regularly breached key prudential requirements, including capital adequacy and liquidity ratios.
Also, the BoG, in its statement, showed high levels of non-performing loans (NPLs), significant exposure to related-party transactions, and poor corporate governance structures, which weakened the bank’s financial position over time.
Reports suggest that despite several directives and corrective measures issued by the BoG, comprising capital restoration plans and restrictions on certain banking activities, GN Bank was incapable of raising the required additional capital or restructuring its operations to restore solvency.
The bank was deemed severely undercapitalised and technically insolvent, prompting the BoG to ask the bank to downgrade to a savings and loans company, using the name GN Savings and Loans Company Ltd.
GN Bank’s license was then revoked in 2019 as part of the central bank’s efforts to protect depositors’ funds and stabilise the country’s financial sector.
Watch the video below:
Video: The Court of Appeal has by a unanimous decision restored the licence of GN Savings and Loans Company Limited.
— DailyGraphic GraphicOnline (@Graphicgh) May 21, 2026
That was after a three-member panel of the second-highest court quashed the decision of the High Court, which upheld the revocation of the license on the grounds… pic.twitter.com/YOELIP4gI8
