Papa Kwesi Nduom, the Businessman and President of Groupe Nduom, has said GN Savings and Loans is moving ahead with plans to resume operations following a Court of Appeal ruling.
According to Dr Nduom said the group remains committed to complying with the law and will continue preparations to restart operations.
He disclosed that as things stand, he has not been served with anything that says the Bank of Ghana is appealing the matter.
His comment follows reports that the Bank of Ghana (BoG) has filed an application at the Supreme Court challenging the Court of Appeal ruling that restored the licence of GN Savings and Loans Company Limited, formerly the GN Bank.
According to reports, the Bank of Ghana is seeking to overturn the Court of Appeal’s decision.
BoG argued that the Appeals Court erred in law when it proceeded “to hear and determine the appeal filed by applicants to the Court of Appeal.”
Speaking on the development, Papa Kwesi Nduom stated, “Let me be very clear, because I told you that we are law-abiding and we believe in the rule of law and we have orders. The orders that we have as I stand here are orders from the Court of Appeal, nowhere else”.
“So as I stand here, Bank of Ghana itself has not even been served with what the lawyers call the consequential orders,” he stated.
“And then, again as I stand here, I have not been served with anything that says somebody is appealing the matter. It may be true, it may not be true, but I cannot rely on word of mouth or what’s on social media or what’s on radio or television,” he said.
He further added, Papa Kwesi Nduom, “But when we get anything at all from anybody, we are ready with our attorneys to deal with anything with dispatch”.
“But even if something is served on us, until someone gives us an order different and also superior to what the Court of Appeal had given, we are not moving. We are not waiting for anybody,” he said.
“So I hope you understand that we are working. We are on the road. We are working, restoring, repairing, putting our things together, looking for people, and so on,” he added.
It will be recalled that the Court of Appeal’s ruling on May 21, 2026, ordered the Bank of Ghana (BoG) to restore the licence of GN Bank, now GN Savings and Loans Company Limited.
The appeal court ruling follows an earlier High Court ruling that upheld the revocation of the financial institution’s operating licence.
The Court of Appeal three-member panel directed that all assets of the bank be returned to its original owners.
The receiver has also been ordered to hand over management of the company to its previous management team.
The Court of Appeal ruling marks a major development in the long-running legal battle between GN Bank and the Bank of Ghana.
GN Bank, which officially commenced operations in 1997 as First National Savings and Loans (FNSL) Company Limited, was upgraded to a universal bank on September 4, 2014.
It expanded rapidly across the country, establishing one of the largest branch networks in the banking sector.
The central bank, however, at the time argued that its regulatory assessments revealed that GN Bank’s expansion was not supported by adequate capital buffers and sound risk management practices.
BoG discovered that GN Bank regularly breached key prudential requirements, including capital adequacy and liquidity ratios.
Also, the BoG, in its statement, showed high levels of non-performing loans (NPLs), significant exposure to related-party transactions, and poor corporate governance structures, which weakened the bank’s financial position over time.
Reports suggest that despite several directives and corrective measures issued by the BoG, comprising capital restoration plans and restrictions on certain banking activities, GN Bank was incapable of raising the required additional capital or restructuring its operations to restore solvency.
The bank was deemed severely undercapitalised and technically insolvent, prompting the BoG to ask the bank to downgrade to a savings and loans company, using the name GN Savings and Loans Company Ltd.
GN Bank’s license was then revoked in 2019 as part of the central bank’s efforts to protect depositors’ funds and stabilise the country’s financial sector.
Following renewed xenophobic attackstargeting African migrants in South Africa, particularly Ghanaians, some citizens of Ghana have called for retaliation or a boycott of South African businesses operating in the country.
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