President of Groupe Ndoum, Dr Nana Kweku Ndoum, has acknowledged that rebuilding GN Savings and Loans will be a complex process, citing the disposal and destruction of some of the
The report indicates that president of Groupe Ndoum, Dr Nana Kweku Ndoum, has acknowledged that rebuilding GN Savings and Loans will be a difficult and lengthy process following years of asset disposals and deterioration after the revocation of the company’s licence.
It further notes that speaking on JoyNews’ Newsfile on Saturday, May 23, Dr Ndoum stated the group remains hopeful about returning to the financial sector despite the significant challenges ahead.
“It is going to be a long and complicated process to try and restore what we had. This is simply because so much time has passed and so much has happened,” he said.
According to him, a substantial number of the company’s assets have either been disposed of or left to deteriorate since the licence was revoked in 2019.
“We have pictures and videos of vehicles, generators and motorcycles rusting and exposed to the elements,” he stated.
“There are places where you would previously see 100 or 200 vehicles parked, but if you go there today, you will find only four or five. So a lot of the assets have been disposed of.”
Dr Ndoum explained that the group is awaiting clear directives from the courts regarding the process for the return of the assets before making definitive decisions on a relaunch.
However, he expressed confidence that Groupe Ndoum would eventually return to the financial market once there is clarity on the recovery process.
His comments follow Thursday’s Court of Appeal ruling in favour of GN Savings and Loans, which directed the Bank of Ghana to return the company’s assets to it and its shareholders.
