Analyst Casts Doubt on GN Savings’ Comeback Despite Licence Restoration

Financial analyst Toma Imirhe has expressed strong scepticism about the long‑term prospects of GN Savings and Loans Company Limited, despite the recent restoration of its operating licence and the return of its assets.

Speaking on Eyewitness News on Thursday, May 21, Imirhe argued that the real challenge for GN Savings lies not in regulatory clearance but in rebuilding the institution from scratch and regaining public trust after years of inactivity.

He cautioned that financial institutions that suffer licence revocations rarely recover fully, even when reinstated.

“They have got their licence back, but you remember Unicredit also got their licence back some years back — and what came of it?” he asked.

According to him, restarting operations requires overcoming several major hurdles, including:

Recapitalisation
Recruiting and rebuilding staff capacity
Operational restructuring
Restoring depositor confidence

Imirhe questioned whether customers would be willing to return after the turbulence of the 2019 financial sector clean‑up.

“Getting your licence back is one thing; being able to resume business is another thing entirely. You need sufficient share capital. You need to regain the confidence of depositors. You have to get your staff back,” he said.

He added pointedly:
“Would you go and put your deposits with GN Savings and Loans right now after all that happened since 2019?”

Meanwhile, Nana Ofori Owusu, Vice President of Groupe Nduom, maintains that the company is fully prepared to resume operations once all required procedures are completed.

---CitiNewsRoom