Accra: President of Group Nduom, Dr Nana Kweku Nduom has detailed the massive job losses and economic hardship that followed the revocation of the licence of GN Bank, revealing that thousands of workers were affected directly and indirectly.
According to Ghana Web, Dr Nduom, speaking on Newsfile on May 23, 2026, explained that before the bank's reclassification in 2019, GN Bank and its affiliates employed over 5,000 people across the country. The institution had approximately 3,000 employees working within and around the bank before regulatory actions forced a major downsizing exercise. 'When we reclassified, we had to go down to about 1,600,' he said.
Dr Nduom noted that the eventual revocation of the bank's licence led to the complete loss of those remaining direct jobs, while also affecting more than 1,200 indirect workers linked to the bank's nationwide operations. He explained that every branch employed several supporting staff including security personnel and cleaners, many of whom suddenly lost their livelihoods when operations ceased. 'We had four security personnel for each branch. We had a cleaner for each branch. Multiply that by 300 branches and you can see that's a very significant personal toll,' he stated.
He further highlighted that the collapse had wider social consequences because many of the affected workers were breadwinners supporting families and dependents. Dr Nduom estimated that the total impact amounted to about 4,500 direct and indirect job losses. Beyond employment, he added that the closure also disrupted the operations of other businesses within Groupe Nduom whose deposits and investments were tied up in the affected financial institutions. He said the inability to access those funds created operational difficulties for several affiliated companies and contributed to further economic strain.
GN Bank was one of many banks affected by a cleanup of the banking sector in 2019 during the tenure of the erstwhile Akufo Addo administration.