Residents and indigenes of Elmina in the Central Region have expressed joy and relief following the recent Court of Appeal ruling directing the restoration of the operating licence of GN Savings and Loans, formerly known as GN Bank.
The residents, led by John Quayson, popularly known as “Manoma,” an opinion leader in Elmina, praised the Court of Appeal for what they described as a fair and landmark judgement capable of restoring confidence in Ghanaian-owned businesses and the local financial sector.
According to the group, the ruling is expected to bring renewed hope to affected customers, create employment opportunities and contribute to economic stability in communities where the bank previously operated.
Speaking to the media, Mr. Quayson said the appeals court’s decision would help empower indigenous businesses and strengthen public trust in local financial institutions.
The group also expressed appreciation to President John Dramani Mahama for what they described as the creation of a conducive environment for businesses to thrive.
They further thanked the people and traditional leaders of Elmina, saying their “prayers and cries had finally been answered.”
The celebrations come years after the Bank of Ghana revoked the licence of GN Bank in 2019, a decision that sparked protests and demonstrations in Elmina and other parts of the country.
At the height of the controversy, residents of Elmina staged massive demonstrations demanding the return of the bank and calling on authorities to reconsider the decision.
The Court of Appeal in Accra recently overturned an earlier High Court ruling and directed the Bank of Ghana to restore the licence of GN Savings and Loans, describing the revocation as unfair and unreasonable.
Meanwhile, the group has called on the President and the judiciary to continue upholding justice and reviewing cases involving properties, licences and assets they believe may have been wrongfully revoked or seized in the past.
By 1960news.com
