Story: Atta Kwaku Boadi
Groupe Nduom has vehemently rejected claims that the Bank of Ghana (BoG) has conclusively ruled out the reinstatement of GN Bank’s operating licence, describing such reports as inaccurate and misleading.
In a statement issued on Friday, February 6, 2026 to the media, Groupe Nduom said, its attention had been drawn to a publication by the Daily Graphic suggesting that the central bank had no consideration for the restoration of the bank’s 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, just seven months later, on August 16, 2019, BoG, the statement said, revoked the company’s operating licence and appointed one Eric Nana Nipah as Receiver.
The revocation formed part of the banking sector clean-up exercise initiated by the former Minister of Finance, Ken Ofori-Atta, in 2018.
It said, the owners of GN Savings and Loans, led by Dr Papa Kwesi Nduom, challenged the revocation at the High Court in Accra on August 30, 2019, and After nearly five years, the High Court, presided over by Justice Gifty Agyei Addo, ruled in favour of the Bank of Ghana on January 24, 2024.
Dissatisfied with the decision, Groupe Nduom in the statement said, the owners filed an appeal at the Court of Appeal on January 29, 2024.
“The appeal remains pending and is scheduled to be heard on February 10, 2026”, the statement stated.
Groupe Nduom further disclosed that although the Bank of Ghana had been duly served with all appeal documents, it was yet to file a substantive response, only submitting an application for extension of time last week.
“Supreme Court has not ruled on the revocation or restoration of GN Savings and Loans’ licence, contrary to claims in the publication”, the statement emphasized .
It explained that the only matter that reached the Supreme Court was an interlocutory application on the jurisdiction of the High Court, which was decided in favour of the owners of GN Savings and Loans.
Groupe Nduom assured the public of its commitment to protecting its legal rights and safeguarding the interests of its customers as the case continues.
