Founder of Groupe Nduom, Dr. Papa Kwesi Nduom, has welcomed the Court of Appeal’s decision ordering the restoration of the operating licence of GN Savings and Loans Company Limited, describing the development as an opportunity for renewed contribution to Ghana’s economic growth.
According to him, the ruling presents a positive outlook for the institution as it prepares to re-engage fully in the financial sector.
“We are in a very good political environment, and we expect that with our licence restored, we will play our part in helping Ghana achieve the level of prosperity it deserves,” Dr. Nduom said.
The Court of Appeal’s ruling effectively sets aside earlier regulatory action that led to the revocation of the company’s licence during the Bank of Ghana’s financial sector clean-up exercise in 2017. The court has directed that GN Savings and Loans be reinstated to resume operations under the appropriate regulatory regime.
GN Savings and Loans was among several savings and loans companies affected by the clean-up exercise, which resulted in the revocation of licences of institutions deemed to have fallen short of regulatory and capital adequacy requirements.
The latest ruling is expected to trigger further administrative and regulatory steps towards the implementation of the court’s directive.
The latest ruling is expected to pave the way for coordinated steps between relevant stakeholders to ensure compliance with the court’s directive and facilitate the institution’s return to full operational status.