Papa Kwesi Nduom has pledged to rebuild stronger following the Court of Appeal’s decision to restore the licence of GN Savings and Loans after years of legal disputes linked to Ghana’s banking sector clean-up.

Reacting to the ruling, the President of Groupe Nduom described the decision as the end of a difficult seven-year period that affected the company, its workers, and many families.

“It’s been difficult, very, very difficult for seven years. We want to thank the family. We want to thank all of our employees. We’ve had some very, very, very loyal, hardworking employees who have stood with us all these years,” Dr. Nduom said.

He stated that the period had brought significant hardship to the business and those connected to it.

“Because this has been a very, very tough, very difficult time that we have gone through. It’s just unimaginable,” he added.

The Court of Appeal on Thursday overturned an earlier High Court judgment that upheld the revocation of GN Savings and Loans’ licence during the financial sector reforms.

A three-member panel ordered the restoration of the company’s licence, directed that its assets be returned to the original owners, and instructed the Receiver to hand over management to the former leadership of the company.

Following the ruling, Dr. Nduom said Groupe Nduom would focus on rebuilding and contributing to Ghana’s economic development.

“What we promise is that we will restore this country. We will restore our business. And we will make certain that our second coming is even better than the first one,” he declared.

He also expressed optimism about the current political climate, saying it offers hope for businesses to thrive again.

“What I want to say also is that we are in a very good, good political environment. And that environment has brought about a wind of change,” he stated.

According to him, the restoration of the licence would allow the company to resume its role in supporting economic growth.

“And we are expecting that with the license restored, that we will now play our part in making sure that this country achieves the level of prosperity that is needed,” he added.

Dr. Nduom further reflected on the impact of the banking sector clean-up exercise, saying many people suffered losses during the period.

“There are just too many difficulties. Some people have died. Some have lost their jobs. Assets have been destroyed,” he lamented.

GN Bank’s licence was revoked in August 2019 after the institution had earlier been downgraded to a savings and loans company.

The company challenged the revocation in court, arguing that the decision was unlawful and unfair.

Although the High Court ruled in favour of the Bank of Ghana in January 2024, the company appealed the decision, leading to the latest ruling by the Court of Appeal.