GN Groupe Chairman, Dr. Paa Kwesi Nduom, has disclosed that efforts are underway to restore operations across 10 branches of GN Savings and Loans following the Court of Appeal ruling.
On May 21, 2026, the Court of Appeal ordered the Bank of Ghana to restore GN Savings and Loans’ licence and return all assets, declaring the 2019 revocation unfair and unreasonable.
GN Savings and Loans lost its licence during Ghana’s banking sector clean-up. After seven years of legal battles, the ruling marks a major turning point for the institution and its shareholders.
Speaking at a press conference on Friday, May 29, 2026, Dr. Nduom said the bank is moving forward, standing firm on the ruling.
He pledged to resolve outstanding obligations and recover all assets.
“We are working, restoring, repairing, putting our things together, looking for people and so on.”
Following reports that the BoG plans to appeal the ruling, he revealed that no notice of appeal has been served, adding that his lawyers are ready to confront any challenge.
“As I stand here, I have not been served with anything that says somebody is appealing the matter. Until someone gives us an order superior to what the Court of Appeal has given, we are moving forward. We’re not waiting for anybody.”
According to Dr. Nduom, the ordeal has made the institution stronger. He insists GN Savings and Loans will not go backwards but will forge ahead to help rebuild the economy and attract more investment.
“What happened to us has strengthened us to withstand any storm. Politicians must note that destroying indigenous financial institutions only harms the nation.”
He also stressed that GN Savings and Loans does not owe customers, pointing to repeated assurances by former President Nana Addo Dankwa Akufo-Addo and former Bank of Ghana Governor Dr. Ernest Addison that depositors had been paid through the appointed Receiver.
“As far as we are concerned, people have been paid, except for Group Nduom companies.”
By Beatrice Sowah
