Groupe Nduom has rejected claims that the Bank of Ghana (BoG) has conclusively ruled out the restoration of the GN Bank licence, insisting that the matter remains before the courts and has not been determined by the Supreme Court.
In a press release issued on Friday, February 6, 2026, the group said its attention had been drawn to a publication by the Daily Graphic suggesting that the central bank had definitively closed the door on the licence restoration. Groupe Nduom described that claim as inaccurate and misleading.
According to the statement, the legal dispute over the former GN Bank, now GN Savings and Loans Company Limited, is currently pending before the Court of Appeal and is scheduled to be heard on February 10, 2026. The group stressed that no final judicial determination has been made on the substantive issues surrounding the revocation of the institution’s licence.
Groupe Nduom further disclosed that although the Bank of Ghana has been duly served with all appeal documents, it has yet to file a substantive response. It noted that the central bank only applied recently for an extension of time to respond to the appeal.
The group also clarified that the Supreme Court has not ruled on the revocation or restoration of the licence, contrary to claims attributed to the BoG. It said the apex court’s involvement in the matter was limited to an interlocutory issue on the jurisdiction of the High Court, which was decided in favour of the owners of GN Savings and Loans.
“Contrary to the publication by the Daily Graphic, the Supreme Court has not ruled on the revocation or restoration of the licence,” the statement said.
Groupe Nduom assured customers and the general public that it remains committed to safeguarding its legal rights and protecting the interests of depositors as the case progresses.
Background
GN Bank Limited was reclassified as a savings and loans company on January 4, 2019, and renamed GN Savings and Loans Company Limited. On August 16, 2019, the Bank of Ghana revoked the institution’s operating licence and appointed a receiver as part of the banking sector reforms introduced in 2018.
The owners of the institution subsequently filed a legal challenge at the High Court in Accra contesting the licence revocation. On January 24, 2024, the High Court ruled in favour of the Bank of Ghana.
An appeal against the High Court’s decision was filed at the Court of Appeal on January 29, 2024. The appeal remains pending and is scheduled for hearing on February 10, 2026.
