Founder and Chairman of Groupe Nduom, Dr. Paa Kwesi Nduom, has responded to the Court of Appeal’s decision restoring the licence of GN Savings and Loans Company Limited with a message of faith, renewal, and determination to restart operations.
Shortly after the ruling, Dr. Nduom shared a biblical reflection and a forward-looking statement, describing the judgment as a turning point for the institution.
He quoted scripture, saying: “For I know the plans I have for you says the Lord, plans to prosper you and not to harm you, plans to give you hope and a future.” Jeremiah 29:11.
Dr. Nduom added that the company was preparing to return to full operations.
“We will be hitting the road very soon. Time to fix what’s broken and start work,” he stated.
The Court of Appeal, in a unanimous decision by a three-member panel, overturned a High Court ruling that had upheld the Bank of Ghana’s revocation of the company’s licence. The appellate court held that the revocation was unfair and unreasonable and consequently quashed both the revocation decision and the High Court judgment.
The court further ordered the receiver to hand over possession, management, control of assets, and operations of the institution back to its shareholders.
The ruling effectively restores GN Savings and Loans Company Limited’s licence, bringing a significant shift in a long-running legal battle linked to Ghana’s banking sector clean-up exercise.
GN Bank was reclassified as a savings and loans institution in January 2019 before its licence was revoked in August of the same year by the Bank of Ghana, which appointed a receiver to take over its operations.
Following the revocation, Groupe Nduom challenged the decision in court, setting off years of litigation that culminated in the latest appellate ruling.
