Dr Nana Kweku Nduom, President of Groupe Nduom Ghana, has revealed that the conglomerate suffered approximately 4,500 direct and indirect job cuts between August 16, 2019, and May 25, 2026, due to operational challenges triggered by the financial sector clean-up.

Dr Nduom shared these figures during an appearance on Point of View on Channel One TV on Monday, May 25, 2026. The interview followed a landmark decision by the Court of Appeal, which ordered the immediate restoration of GN Savings and Loans’ operational license. The appellate court's verdict effectively overturned a previous High Court ruling that had validated the central bank's revocation of the license during the 2019 financial reforms.

In its ruling, the Court of Appeal instructed that all seized assets be returned to the financial institution's original shareholders and that administrative control be handed back to its former management team.

Contagion Across the Conglomerate

Speaking with show host Bernard Avle, Dr Nduom explained that the economic fallout of the regulatory intervention extended far beyond the banking halls of GN Savings and Loans, severely destabilising the broader Groupe Nduom corporate ecosystem.

"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wasn’t even the job losses because we banked with the bank, but other companies banked with us, and so when the licence was revoked, their deposits were also locked up," Dr Nduom stated.

"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."

A New Chapter for Reconstruction

The founder of Groupe Nduom, Dr. Papa Kwesi Nduom, has expressed optimism following the legal victory, characterising the Court of Appeal's judgment as the dawn of a new chapter for the business after years of protracted litigation and financial hardship. He affirmed that the group's primary objective moving forward is to systematically rebuild operations and restore confidence among its historical customer base and displaced workforce.

GN Savings and Loans was one of dozens of specialised deposit-taking institutions dissolved during the state-backed financial sector clean-up campaign, an aggressive regulatory overhaul that resulted in widespread structural liquidations and industry-wide consolidation.