About 4,500 jobs were lost following the collapse of GN Savings and Loans after the financial sector cleanup, President of Groupe Nduom, Nana Kweku Nduom, has revealed.
Speaking in an interview on Point of View with Bernard Avle on Channel One TV, Dr. Nduom said the revocation of the banking licence affected not only bank staff but also thousands of people whose livelihoods depended on the company’s operations across the country.
According to him, Groupe Nduom operated several businesses aside from banking, including brokerage, pensions, insurance, and manufacturing firms. He mentioned companies such as Teak Tree, Pen Trust, Bedrock Insurance, and GN Life as part of the broader ecosystem.
“The biggest in terms of people was GN Bank because banks have branches. We had 300 branches,” he said.
Dr. Nduom noted that the impact of the shutdown extended far beyond bank staff, stressing that every branch created an economic chain involving security personnel, cleaners, and mobile bankers who depended on the institution for their livelihoods.
“There were many more jobs associated, so you had the bank employees, then each branch had four security people, each branch had a cleaner, there were mobile bankers, so I mean, there was a little economic universe around each branch,” he explained.
During the interview, Dr. Nduom’s said his father described the institution as “the people’s bank” because the vision of GN Bank was to expand banking services to areas that were often neglected by traditional financial institutions and to serve ordinary Ghanaians, particularly those in the informal sector and remote communities.
“The whole idea was to, number one, go to places that other banks were unable and unwilling to go, and number two, provide services to reach the ordinary Ghanaian, the unbanked Ghanaian,” he stated.
Dr. Nduom also emphasized that about 4500 direct and indirect jobs were affected when the financial institution’s license was revoked.
