Dr. Nana Kweku Nduom, president of Groupe Nduom Ghana, claims that due to difficulties encountered by its companies following the cleanup of the banking sector, the group reported roughly 4,500 direct and indirect employment losses between August 16, 2019, and May 25, 2026.
On Monday, May 25, he made the revelation on Point of View on Channel One TV in response to the Court of Appeal’s ruling that ordered GN Savings and Loans’ licence to be restored, reversing a previous High Court decision that sustained its revocation during Ghana’s financial sector cleanup effort.
Additionally, the appellate court ordered that all assets be given back to the company’s original owners and that the previous leadership be given back control of management.
In an interview with host Bernard Avle, Dr. Nduom stated that the institution was not the only one affected by the licence revocation.
He claims that the Groupe Nduom network’s ripple effects caused disruptions to other enterprises.
“Direct and indirect job losses are about 4,500. And it wasn’t even the job losses because we banked with the bank, but other companies banked with us, and so when the licence was revoked, their deposits were also locked up.”
“When most of the individuals got their deposits, a lot of our companies didn’t, so we had to go through a long process. Some of the companies got their funds, others didn’t,” he stated.
Dr. Papa Kwesi Nduom, the founder of Groupe Nduom, has previously stated that the Court of Appeal’s decision marks the start of a new phase for the company following years of financial and legal difficulties brought on by the 2019 licence revocation.
Additionally, he has stated that the company wants to rehabilitate and re-establish trust with impacted clients and staff.
During Ghana’s banking sector cleanup effort, which resulted in numerous license revocations and industry restructuring, GN Savings and Loans was one of the many financial firms impacted.
Source: newsthemegh.com