Collapse of GN Bank Led to Loss of Over 4,500 Jobs — Dr Kweku Nduom
May 23,2026
The President of Groupe Nduom, Dr Nana Kweku Nduom, has revealed that the collapse of GN Bank and the revocation of the licence of GN Savings and Loans led to the loss of more than 4,500 direct and indirect jobs across the country.
Speaking on JoyNews’ Newsfile programme monitored by vistaNewsgh.com on Saturday, May 23, Dr Nduom described the massive job losses as one of the most painful outcomes of Ghana’s financial sector clean-up exercise.
According to him, GN Bank employed nearly 3,000 workers before it was reclassified from a universal bank to a savings and loans company in January 2019. He explained that the reclassification forced the institution to reduce its workforce by about 1,600 employees.
Dr Nduom stated that the remaining jobs were eventually lost after the Bank of Ghana revoked the operating licence of GN Savings and Loans later that same year.
He further indicated that the impact extended beyond direct staff members to hundreds of support workers and service providers whose livelihoods depended on the bank’s nationwide operations.
According to him, the company engaged security personnel, cleaners, and motorbike riders across nearly 300 branches nationwide, all of whom were affected by the closure.
Dr Nduom stressed that the collapse of the bank affected thousands of families and dependents, arguing that the broader economic and social consequences of the banking sector reforms are often overlooked in public discussions.
His comments come on the back of Groupe Nduom’s recent legal victory at the Court of Appeal, which overturned the revocation of GN Savings and Loans’ licence and ordered the restoration of the company’s assets and operations to its shareholders.
