0
0 NewsGhana, Latest Updates and Breaking News of Ghana, News Ghana, https://www.newsghana.com.gh/gn-collapse-cost-4500-jobs-groupe-nduom-president-says/Groupe Nduom’s president has put total job losses from the 2019 revocation of GN Savings and Loans’ licence at 4,500, covering direct and indirect employment across the group’s businesses.
Dr. Nana Kweku Nduom, president of Groupe Nduom Ghana, made the disclosure on Channel One TV’s Point of View on Monday, May 25, the day after the Court of Appeal ordered the restoration of GN Savings and Loans’ licence, overturning an earlier High Court ruling that had upheld the revocation. He described the impact as extending far beyond the institution’s own workforce, with ripple effects running through multiple businesses within the Groupe Nduom network between August 16, 2019, when the licence was revoked, and May 25, 2026.
“Direct and indirect job losses are about 4,500,” Dr. Nana Kweku Nduom said.
He explained that the damage was not limited to employees who lost their positions directly when the licence was withdrawn. Many companies within the Groupe Nduom network banked with GN Savings and Loans, and when the institution’s licence was revoked, the deposits those businesses held at the institution were also locked. Some eventually recovered their funds through the receivership process but others did not, and the resulting cash flow pressure forced job cuts and business contractions across several of those companies over the years that followed.
The Court of Appeal ruling on May 21 directed that all assets be returned to the company’s original owners and that management be restored to the former leadership. Founder Dr. Papa Kwesi Nduom, who is distinct from the Groupe Nduom president and has led the public legal campaign to restore the licence, previously described the ruling as the beginning of a new chapter after years of legal and financial setbacks. He has indicated that the group intends to rebuild and restore confidence among affected customers and employees, with a phased branch reopening beginning in Elmina.
GN Savings and Loans was among the institutions whose licences the Bank of Ghana revoked on August 16, 2019, as part of a broader financial sector cleanup that removed operating licences from around 420 banks, savings and loans firms and microfinance companies across the country. Sources indicate the Bank of Ghana is preparing to challenge the Court of Appeal ruling before the Supreme Court.
NewsGhana, Latest Updates and Breaking News of Ghana, News Ghana, https://www.newsghana.com.gh/gn-collapse-cost-4500-jobs-groupe-nduom-president-says/
