By: Benjamin Nii Nai Anyetei
Groupe Nduom has clarified that the legal process surrounding the revocation of the operating licence of GN Savings and Loans Company Limited is still ongoing, contrary to reports suggesting that the matter has been conclusively settled.
In a press release issued on Friday, February 6, 2026, the group responded to a news publication which claimed that the Bank of Ghana (BoG) has ruled out the restoration of the GN Bank licence.
According to Groupe Nduom, 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 licence and appointed Mr. Eric Nana Nipah as Receiver.
The group said the revocation formed part of the banking sector clean-up exercise initiated in 2018 under the administration of former Finance Minister, Ken Ofori-Atta.
Following the licence withdrawal, the owners of GN Savings and Loans, led by Dr. Papa Kwesi Nduom, challenged the decision in the High Court in Accra on August 30, 2019. After nearly five years, the High Court, presided over by Justice Gifty Agyei Addo, on January 24, 2024, delivered judgment in favour of the Bank of Ghana.
Groupe Nduom noted that an appeal against the High Court ruling was filed at the Court of Appeal on January 29, 2024. The appeal, the statement said, remains pending and is scheduled to be heard on February 10, 2026.
The group further disclosed that although the Bank of Ghana has been duly served with all documents relating to the appeal, it has not filed a response and only recently applied for an extension of time to do so.
Addressing claims that the Supreme Court has ruled on the matter, Groupe Nduom stressed that no such decision has been made on the revocation or possible restoration of the licence. It explained that the only issue that reached the Supreme Court was an interlocutory matter on the jurisdiction of the High Court, which was decided in favour of the owners of GN Savings and Loans.
Groupe Nduom assured the general public of its commitment to protecting its legal rights and safeguarding the interests of its customers as the case continues in court. The statement was signed by the Corporate Affairs Department of Groupe Nduom Ghana.
READ FULL RESPONSE BY GROUPE NDUOM HERE
