The hope of restoring his banking licence has been dashed, as the Bank of Ghana (BoG) has ruled out the restoration of the banking licence of GN Bank.
GN Bank was downgraded to GN Savings and Loans Company Limited before its licence was revoked by the then New Patriotic Party administration.
Hundreds, if not thousands, of workers were laid off, with some currently unemployed.
The Governor of the BoG, Dr Johnson Asiama, in an interview with Graphic Online, said that the matter had been conclusively settled by the Supreme Court, leaving no room for further regulatory or legal reconsideration.
“There is a Supreme Court ruling on that matter. The review also failed. So, nothing can be done. We are, however, open to considering applications for a new licence from anyone who is not connected to the directors or the defunct GN Savings and Loans Company Ltd”.
The interview came in the wake of persistent news in recent times that the central bank had restored the licence of GN Bank.
The revocation of the licence in 2019, according to the regulator, was final and taken in the interest of safeguarding depositors and ensuring the stability of the financial sector.
The central bank, in an earlier interview in 2024, justified its decision to revoke the licence of GN Bank in 2019, insisting that the action was warranted by significant regulatory breaches.
The BoG at the time maintained that GN Bank failed to comply with critical financial regulations and banking standards, which threatened its operational stability.
By 1960news.com
