Concerned ex-employees of defunct GN Savings and Loans have appealed to President Akufo-Addo to issue an executive order for the Governor of the Bank of Ghana, Dr. Ernest Addison, to reinstate the company.
The regulator revoked the license of GN Savings and Loans Company four years ago, stating that the company was insolvent and had breached the Bank of Ghana laws.
At the time of the revocation, the company had close to 3,000 permanent workers and over 1,500 field workers, or what is now known as mobile bankers. Also the company could boast of over 1.3 million customer base and 300 networked branches across the country.
Speaking at a press conference to commemorate four years of the revocation of the license, the Convener of the Group, Kofi Fosu said a reinstatement of the company will restore lost jobs and boost the local economy.
“We call on the President of the Republic to intervene by using his executive powers to urge the Governor of the Bank of Ghana to restore the operating license of GN Savings and loans. This will be a worthy restitution of the lost opportunities to employees, customers and the business community.”
On the adverse effects of the revocation on the livelihoods of ex-employees, the group stated that many of them have not received compensation from their provident fund pension contributions.
Again, the fear of losing the value of investments due to macroeconomic instability keeps haunting them.
“Our entire pension is reduced through inflation and depreciation of the currency. Ex-employees are struggling to receive our Tier 3 (provident fund) from the receiver of GN Savings, NPRA and NBC Trust.”
The group also called out the inability of the Receiver to salvage the assets of the company as they claim many tangible possessions of the bank have been left to rot.
“GN vehicles, buildings, computers, generators, among other things have been left at the mercy of the weather. The Receiver has been very lackadaisical and sluggish in safeguarding the assets of the bank”.
Though the erstwhile bank was faced with some liquidity challenges as a result of the failure of borrowers to meet their obligation to settle their debts, the group believes, the Bank of Ghana could have resorted to a more progressive and human-centered approach to remedy the situation.
Although the suit against the revocation continues to pend in court, the aggrieved ex-employers believe the president’s intervention could bring back the company.