In a major legal victory for Groupe Nduom, the Court of Appeal has overturned the revocation of GN Savings and Loans’ operating license, ending a nearly seven-year legal battle and clearing the path for the return of what was once one of Ghana’s most widespread financial institutions.
In a unanimous decision today, their Lordships at the Court of Appeal set aside the entire January 24, 2024 judgment delivered by the Human Rights Division of the Accra High Court, which had previously ruled against the company.
The appellate court granted all reliefs sought by Dr. Papa Kwesi Nduom and the shareholders in their amended originating motion dating back to November 2021.
The ruling effectively declares the 2019 decision by the Bank of Ghana to revoke the company’s license null and void, signaling the immediate reinstatement of GN Savings.
A Long Road to Justice
The legal saga began in August 2019 during the central bank’s financial sector clean-up, when GN Bank—which had been downgraded to a savings and loans company—had its license revoked over regulatory and liquidity challenges.
Dr. Nduom consistently argued that the liquidity crunch was artificially manufactured because the government owed his companies and contractors hundreds of millions of cedis in certified vouchers.
Following a High Court ruling in January 2024 that upheld the revocation, Dr. Nduom filed an immediate appeal, declaring he was “dissatisfied and aggrieved” by the judgment of trial judge Mrs. Justice Gifty Agyei Addo. Today’s appellate verdict completely vindicates that position.
