Banks Clean-Up: Over 3,000 Employees Lost Jobs

The Chairman of Groupe Nduom, Dr. Papa Kwesi Ndoum, has said more than 3,000 of his employees lost their jobs as a result of the banking sector clean-up by the central bank.

Dr. Ndoum's GN Bank was downgraded to a savings and loans company early 2019.

However, the license of GN Savings and Loans was revoked in August by the Central Bank due to insolvency issues.

In his Christmas message to Ghanaians, Dr. Ndoum described the year as a challenging one but expressed hope that things will turn around in the coming year.

“This has been a particularly difficult one for us at Groupe Nduom. We acknowledge the difficulties experienced particularly by our banking and investment customers. For that, we are sorry. Many challenges were put our way with very negative consequences, intended and unintended. More than 3,000 employees lost their jobs due to these challenges. Other jobs are at risk.
“But we have hope that with the strength, with the spirit and the enthusiasm that we have, we will overcome these challenges. We are determined to leave behind the difficulties of 2019; and enter the new year 2020 with bright new ideas, with renewed strength and with the support that we believe will come from many quarters, so that we can get back into place and deliver the kinds of services and produce the goods that have come to be associated with Groupe Nduom.”

Below is Nduom's Christmas message

On behalf of the shareholders, directors, management and staff of Groupe Nduom, I want to thank each and every one of our customers for the relationship we have built over more than 30 years and particularly for the business you have done with us this year, 2019.

This has been a particularly difficult one for us at Groupe Nduom. We acknowledge the difficulties experienced particularly by our banking and investment customers. For that, we are sorry.

Many challenges were put our way with very negative consequences, intended and unintended. More than 3,000 employees lost their jobs due to these challenges. Other jobs are at risk.

But we have hope that with the strength, with the spirit and the enthusiasm that we have, we will overcome these challenges. We are determined to leave behind the difficulties of 2019; and enter the new year 2020 with bright new ideas, with renewed strength and with the support that we believe will come from many quarters, so that we can get back into place and deliver the kinds of services and produce the goods that have come to be associated with Groupe Nduom.

We will prove to everyone, particularly ourselves, that, indeed, when we say Groupe Nduom; Beyond Excellence, we mean that; we will live it.

I wish everyone a merry Christmas and a happy, prosperous, health-filled and productive 2020.

Dr. Papa Kwesi Nduom,

President & Chairman,

Groupe Nduom