GN Savings and Loans to resume operations despite possible Supreme Court action – Ndoum

Businessman Papa Kwesi Nduom has reaffirmed that Groupe Nduom will proceed with plans to resume operations of GN Savings & Loans, insisting that the Court of Appeal’s order remains the only binding directive unless overturned by a higher court.

Speaking on the matter, Dr. Nduom stated that the group is strictly adhering to the rule of law and will not suspend its operational recovery plans based on unconfirmed reports or social media speculation.

His comments follow media reports that the Bank of Ghana has filed an appeal against the Court of Appeal judgment that restored the operating licence of GN Savings & Loans, which was revoked during the country’s financial sector clean-up exercise.

“Let me be very clear — the orders that we have as I stand here are orders from the Court of Appeal, nowhere else,” Dr. Nduom said.

He further noted that, to the best of his knowledge, the central bank has not yet been formally served with the consequential orders arising from the judgment. He also stated that he has personally received no official notification confirming that an appeal has been lodged.

“I cannot rely on word of mouth or what’s on social media or what’s on radio or television,” he added.

Dr. Nduom assured stakeholders that Groupe Nduom’s legal team is fully prepared to respond swiftly to any formal legal developments. However, he emphasised that unless a superior court issues an alternative directive overturning the current ruling, the group will not wait for anyone.

Practical steps to restore operations are already underway, including infrastructural rehabilitation, organisational restructuring, and personnel arrangements.

“We are working, restoring, repairing, putting our things together, looking for people, and so on,” he said.

The Court of Appeal’s ruling has reignited discussions on the legality and implementation of Ghana’s financial sector reforms, which led to the revocation of licences of several indigenous financial institutions in recent years.