Groupe Nduom Chairman Dr Papa Kwesi Nduom has commended the current political climate for businesses to thrive.
He said the current climate is a key contributory factor in restoring the license of his Savings and Loans company, GN Savings and Loans Company.
“We are in a very good political environment,” he told the press after the Court of Appeal restored the license of GN Savings and Loans.
“That environment has brought about the winds of change and we are expecting that with our license restored, we will now pay our part to make sure that this country achieves the level of prosperity that it needs.”
He acknowledged that the years of litigation have left in its wake difficulties as well as fatalities.
“Some people have died, some have lost their jobs, assets have been destroyed, many things we will not get back but what we promise is that we will restore this company.
“We will restore our business.”
During the financial clean-up exercise undertaken by the Ministry of Finance in 2019, GN Bank Limited was reclassified as GN Savings and Loans Company.
However, a few months later, the Central Bank revoked the operating license of the Company, decalring the company insolvent.
“It is also facing a severe liquidity crisis with numerous complaints received by the Financial Stability Department of the Bank of Ghana from aggrieved customers who have been unable to access their deposits with the institution for the last several months,” the Bank of Ghana had stated as one of the reasons for the revocation of license.
“What is more, it has consistently failed to meet the minimum cash reserve requirement of 10% of its total deposits, since the end of the first quarter of 2019.
“GN’s shareholders have failed to restore the bank to the required regulatory capital and liquidity levels in spite of long-standing promises that new capital was expected from foreign investors.”