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Ex- GN Savings Employees call for the restoration of Operating License

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The Concerned Ex-Employees of GN Savings and Loans Limited, have appealed to President Akuffo Addo to intervene by using his executive powers to instruct the Governor of Bank of Ghana to RESTORE THE OPERATING LICENCE OF GN SAVINGS. “Such an action will be a worthy restitution of the lost opportunities to the employees, customers, shareholders and the business community”.

This came to light at a press conference held in Accra, by all former Regional Managers and other Ex-Employees of GN Savings who were affected as a result of the Financial Clean-Up Exercise carried out by the Bank of Ghana.

It is exactly four (4) years since the banking licence of GN Savings (GN Bank), was revoked by the Bank of Ghana.

On 16th August 2019, the Governor of the Bank of Ghana, Dr. Ernest Addison announced that the operating licence of GN Savings has been revoked after the bank has been reclassified from a commercial bank to a savings and loans company by the Central Bank.

The Convener, Mr. Kofi Fosu also call on the Receiver to take appropriate measures to protect the remaining assets of GN Savings from further destruction. “We believe that salvaged assets could be put back to work to create economic value. Shareholders, employees and customers are willing to work together to revive the bank to its past glory the moment the licence ts restored”.

The Restoration of GN licence he indicated, would also help restore the lost confidence in the indigenous Ghanaian Banks.

“We recognize that the bank was faced with some liquidity challenges at certain point as a result of delays on the part of borrowers to settle their loan obligations on time. A substantial portion of this credit default were due to the government’s inability to honor its obligation to most of our customers who have executed jobs for some state institutions. We believe that the regulator, 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 licence of the bank”.

The destruction, wear and tear according to him, has occurred to the assets of GN Savings in the past four years is unprecedented. “GN buildings, vehicles, generators, air-conditioner units, computers and office furniture have been left unattended for the past 4 years. Several of the assets have been left to the mercy of the weather. Miscreants have stolen and desecrated valuable equipment of the bank”.

GN Savings Kofi Fosu averred, had diverse customer base made up Corporate, Professionals, Religious Organizations, NGOs, Schools, Small and Medium Enterprises (SMEs). “Our Micro Enterprise Department was dedicated to serving the needs of retailers, market women, artisans, farmers and fishermen”.

He revealed that, GN products were tailored to meet the specific needs of the customers and provided unique savings products that provided the highest interest rate of 9% on every savings account of any amount. “The 9% rate was more than twice the interest rate offered by most commercial banks in the country. A person could open an account with an initial deposit as low as 50 pesewas. We offered Ghs1,000 free insurance cover to cushion the funeral expenses of customers who lose a close relative”.

The unique model of GN the Ex-Employees explained, was to create wealth, provide jobs and life opportunities to ordinary Ghanaians in the cities, towns, villages, communities, hamlets and markets with the slogan of: “The People’s Bank” served as a motivation for the bank to be present at places where other financial institutions are unwilling to go.

“As bread winners, we are unable to feed our families and afford to pay school fees of our children. Landlords have ejected many from their homes for their inability to pay rent. Sad to note that some of our colleagues have passed on to eternity as a result of their inability to afford the cost of medication to treat their illnesses. The situation requires an urgent intervention”.

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