The management of the newly restored GN Savings and Loans has admitted that restoring customer confidence will be a difficult task, even as they insist the Central Bank’s original reasons for revoking their license were completely flawed.
The admission follows a landmark court order directing the immediate restoration of the company’s operating license.
Speaking on Starr FM’s Morning Show, Morning Star on Friday, May 22, 2026, the spokesperson for the restored bank, Ata Kwaku Boadi, insisted that the Bank of Ghana lacked any valid justification to suspend their operations at the time.
“When they gave us that, ‘this is what you need to do, we have given you this period for six months get all these things done’. They did not wait for us to finish. Even when the report was made to send to them, we have the report. They did not get back to us when the report was submitted to them. Because if you have appointed somebody to supervise something, all that you need there is an engagement. You don’t rush in doing certain things. The person has submitted a report to you. If certain things are not right, you come back to the person and say A B C D, you couldn’t get them right. You are a supervisor; you are a regulator. You are supposed to guide. You are not supposed to butcher. Do you understand the point I’m making? So, that is what we are saying. So everything BoG said at that time, we cannot phantom what BoG wanted to tell Ghanaians.”
Mr. Boadi further slammed the Akufo-Addo administration for overseeing the collapse of what he described as a legitimate, locally owned company that was viable.
“So, it is not about, maybe, the previous government overlooked certain things. For whatever reason that they did that, [I can’t tell],” he said.
The GN Savings and Loans spokesperson further debunked claims that the President, John Mahama influenced the restoration of their license since the President, while in opposition had promised to restore the license of GN Savings and Loans.
“We are not saying that because this government made a promise that when it comes, we will go into it. This issue, Mahama didn’t give us the license. It is the court, because Mahama couldn’t have gone ahead and said that ‘restore the license’ after had assumed office. No. That would have been a disaster. We were at the court before Mahama assumed office, the matter was before the court. And we were chasing, we were going after the case, one, every day, there and then. So it is the principle,” he said.
Kwaku Boadi added that “the court, the Court of Appeal looked into it and said, ‘No. The High Court erred in its first ruling’. That is why it set aside the High Court ruling. So, it’s a question of GN Bank, what they have believed in since day one. So come, and I can confidently tell that we still believe that the then government never looked into the matter well. It could be a political decision that they took, I don’t know, but if indeed they had wanted to go into the integrity of the whole matter and then prefer judgment, this thing wouldn’t have even happened in the first place,” he said.
Source: Starrfm.com.gh
