Groupe Nduom has issued a formal rebuttal to recent media reports suggesting that the Bank of Ghana (BoG) or the judicial system has definitively ruled out the restoration of the GN Savings and Loans licence.
In a press statement released today, the Group clarified that the legal battle is far from over and, most critically, “the Supreme Court has not ruled on the revocation or restoration of the licence of GN Savings and Loans”.
A Protracted Legal Journey
The dispute dates back to August 16, 2019, when the Bank of Ghana revoked the licence of what was then GN Savings and Loans Company Limited as part of a broader banking sector “clean-up”. Since then, the owners, led by Dr. Papa Kwesi Nduom, have maintained a steady challenge against the central bank’s decision.
While a High Court judgment in January 2024 initially favored the Bank of Ghana, Groupe Nduom immediately filed an appeal. According to the Group, the narrative that the highest court in the land has settled the matter is factually incorrect.
”The only time that an aspect of the case went before the Supreme Court was an interlocutory matter on jurisdiction of the High Court, which the Supreme Court ruled in favour of the owners of GN Savings and Loans,” the statement clarified.
Upcoming Court of Appeal Hearing
The focus now shifts to the Court of Appeal, where a hearing is scheduled for February 10, 2026. Groupe Nduom noted that despite being served with all necessary documentation, the Bank of Ghana has yet to file a substantive response to the appeal, recently seeking an extension of time instead.
Commitment to Customers
As the February 10th hearing approaches, Groupe Nduom emphasized its dedication to seeing the process through to the end. The Corporate Affairs Department stated:
”Groupe Nduom wishes to assure the general public that it remains committed to protecting its rights and the interests of its customers”.
