GN Bank Licence Issue Still Before the Courts – Groupe Nduom

Groupe Nduom has dismissed reports suggesting that the Bank of Ghana (BoG) has made a final decision against reinstating GN Bank’s operating licence, describing such claims as false and misleading.

In a statement released on Friday, February 6, 2026, the group said it had taken note of a Daily Graphic publication implying that the central bank had permanently ruled out any possibility of restoring the licence. Groupe Nduom stressed that this position does not reflect the current legal reality.

The group explained that GN Bank Limited was reclassified as a savings and loans company on January 4, 2019, and renamed GN Savings and Loans Company Limited. However, on August 16, 2019—just seven months later—the Bank of Ghana revoked the company’s licence and appointed Mr Eric Nana Nipah as Receiver. This action was part of the broader financial sector clean-up launched in 2018 under then Finance Minister Ken Ofori-Atta.

Groupe Nduom noted that the owners of GN Savings and Loans, led by Dr Papa Kwesi Nduom, challenged the licence revocation at the Accra High Court on August 30, 2019. After nearly five years of legal proceedings, the court, presided over by Justice Gifty Agyei Addo, ruled in favour of the Bank of Ghana on January 24, 2024.

Unhappy with the judgment, the owners filed an appeal at the Court of Appeal on January 29, 2024. The appeal is still pending and is scheduled for hearing on February 10, 2026.

According to the group, although the Bank of Ghana has been properly served with the appeal documents, it has not yet filed a substantive response, submitting only an application for an extension of time last week.

Groupe Nduom further clarified that the Supreme Court has not made any ruling on the revocation or possible restoration of the GN Savings and Loans licence, contrary to claims in the publication. It explained that the only matter considered by the Supreme Court related to an interlocutory application on the High Court’s jurisdiction, which was decided in favour of the company’s owners.

The group reaffirmed its resolve to pursue all legal options available while working to protect the interests of its customers as the case proceeds through the courts.