Collapse of GN Bank led to loss of over 4,500 jobs - Dr Ndoum

Dr. Papa Kwesi Ndoum revealed that more than 4,500 direct and indirect jobs were lost following the collapse of GN Bank and the eventual revocation of the licence of GN Savings and Loans. Speaking on JoyNews' Newsfile on Saturday, May 23, Dr. Ndoum described the loss of employment as one of the most devastating consequences of the financial sector clean-up exercise. According to him, thousands of workers and their families were affected when GN Bank was first reclassified from a universal bank to a savings and loans company before eventually losing its licence to operate.

Dr. Ndoum said that "around January 2019, before the reclassification, we had 3,000 employees working with GN Bank." He also stated that "when we were reclassified, we had to reduce the workforce by about 1,600, and when the licence was revoked, those 1,600 jobs disappeared." He explained that the indirect impact was equally significant, with hundreds of support staff and service providers also affected. He stated, "Then we had about 1,200 indirect jobs. We had four security personnel for each branch, cleaners for every branch, and motorbike riders serving about 300 branches."

Dr. Ndoum argued that public discussions surrounding the collapse of GN Bank often overlook the broader social and economic consequences for workers and families affected by the closure. He made the remarks while discussing Groupe Ndoum's recent legal victory in the Court of Appeal concerning the revocation of the licence of GN Savings and Loans.