Businessman and President of Groupe Nduom, Dr. Papa Kwesi Nduom, has announced that the group is moving ahead with plans to resume operations following a Court of Appeal ruling that restored the operating license of GN Savings and Loans.
According to Dr. Nduom, the group remains committed to operating within the framework of the law and will continue preparations to restart business activities unless a higher court overturns the ruling.
He made the remarks while reacting to reports that the Bank of Ghana has filed an appeal against the Court of Appeal judgment that ordered the restoration of the company’s license.
Speaking on the matter, Dr. Nduom stressed that the recent court decision represents a significant development for the company, its workers, customers, and investors who have long awaited clarity on the future of GN Savings and Loans.
“We are law-abiding citizens and business operators. The Court of Appeal has spoken, and unless a superior court says otherwise, we will comply with the ruling and proceed accordingly,” he stated.
The legal battle between Groupe Nduom and the Bank of Ghana dates back to the financial sector cleanup exercise, during which the licenses of several financial institutions were revoked over issues relating to insolvency, capital requirements, and regulatory breaches.
GN Savings and Loans was among the institutions affected by the banking and financial sector reforms introduced by the central bank, a process that generated significant public debate and legal disputes across the country.
The recent Court of Appeal ruling restoring the company’s license has reignited discussions surrounding the financial sector cleanup and its long-term impact on businesses, employees, and customers.
Dr. Nduom noted that Groupe Nduom remains focused on rebuilding confidence and ensuring that operations, once resumed, would comply fully with regulatory standards and legal requirements.
He also expressed appreciation to customers, staff, and supporters who stood by the company throughout the legal process and years of uncertainty.
Meanwhile, reports indicate that the Bank of Ghana has challenged the Court of Appeal decision at a higher court, seeking a review of the judgment. The central bank has yet to publicly outline the full details of its appeal but is expected to continue defending its regulatory actions during the cleanup exercise.
Financial analysts say the outcome of the ongoing legal process could have broader implications for Ghana’s financial regulatory environment and may shape future discussions around investor protection, banking reforms, and regulatory accountability.
Despite the uncertainty surrounding the appeal, Groupe Nduom says preparations are underway to reactivate operations and engage stakeholders as the legal process continues.
