Author: Beyonce Diamond Kpogli
Concerned Ex-Employees of GN Saving and Loans Limited have passionately called on President H.E Nana Akufo Addo to intervene by using his executive powers to urge the Governor of Bank of Ghana to Restore The Operating License of GN Savings.
Kofi Fosu, Convener of the group speaking at a press conference in Accra said the restoration of GN license will help restore the lost confidence in the indigenous Ghanaian entrepreneurs and galvanize the private sector as an engine of economic growth.
Additionally, such action will be a worthy restitution of the lost opportunities to the employees, customers, shareholders, and business community.
Mr. Kofi Fosu admitted that the bank was faced with some liquidity challenges at certain points as a result of delays on the part of borrowers to settle their loan obligations on time.
“A substantial portion of this credit default was due to the government’s inability to honor its obligation to most of our customers who have executed jobs at some state institutions”.
Stressing that, the Governor of the Bank of Ghana, could have resorted to a more progressive and human-centric approach to remedy the situation at the time, instead of the iron-fisted method adopted to revoke the license of the bank.
He lamented that the receiver has been very lackadaisical and sluggish in safeguarding the assets of the bank, hence calling on the receiver to take appropriate measures to protect the remaining assets of the bank from further destruction.
It has been exactly four years since the Bank of Ghana revoked the banking license of GN Savings (GN Bank).
Until the revocation, the bank employed over 3,000 workers before the onset of the financial sector crises. These consist of graduates and 1,750 SHS graduates who were trained to offer financial services to many Ghanaians outside the mainstream financial sector which some of them were encouraged and supported by the bank to further their education.
The bank has 300 branches of different sizes across the, with about 200 branches constructed by the shareholders to demonstrate their commitment to promoting savings and financial inclusion within the indigenous communities and providing job opportunities for the youth.
Mr. Kofi Fosu underscores that the revocation of the GN Saving operating license has resulted in the loss of livelihood of the employees and the loss of assets of the bank and business.
“The revocation caused our cherished customers to lose their working capital and business. Many of these customers have not been able to build their lives back after the revocation,” he passionately and sadly bemoaned.
