Groupe Nduom has dismissed claims that the Bank of Ghana (BoG) has conclusively ruled out the restoration of the operating licence of GN Savings and Loans Company Limited, describing a recent publication to that effect as misleading.
In a press release issued on Friday, February 6, 2026, Groupe Nduom said its attention had been drawn to a Daily Graphic publication headlined “BoG Rules Out GN Bank Licence Restoration”, which it insists does not accurately reflect the status of the ongoing legal process.
According to the statement, GN Bank Limited was reclassified as a savings and loans company on January 4, 2019, and subsequently renamed GN Savings and Loans Company Limited.
However, on August 16, 2019, the Bank of Ghana revoked the company’s operating licence and appointed Mr Eric Nana Nipah as receiver, as part of the banking sector clean-up exercise initiated in 2018.
The owners of the company, led by Dr Papa Kwesi Nduom, challenged the revocation at the High Court in Accra on August 30, 2019. After nearly five years, the High Court, presided over by Justice Gifty Agyei Addo, delivered judgment on January 24, 2024, in favour of the Bank of Ghana.
Groupe Nduom said it filed an appeal against the High Court’s decision at the Court of Appeal on January 29, 2024, and that the appeal remains pending. The case is scheduled to be heard on February 10, 2026.
The statement further indicated that although the Bank of Ghana has been duly served with the appeal documents, it failed to file a response within the required time and only recently applied for an extension to do so.
Groupe Nduom clarified that the Supreme Court has not ruled on the revocation or possible restoration of the licence of GN Savings and Loans. It explained that the apex court only dealt with an interlocutory application on the High Court’s jurisdiction, which was decided in favour of the company’s owners.
The group reaffirmed its commitment to pursuing all legal avenues to protect its rights and the interests of its customers as the appeal process continues.
