Nduom says GN Savings will resume operations despite reports of possible Supreme Court action

Papa Kwesi Nduom, President of Groupe Nduom, has reiterated the group’s determination to resume operations after the Court of Appeal ordered the restoration of the licence of GN Savings and Loans.

According to Dr. Nduom, the group remains committed to abiding by the rule of law and will continue preparations to restart business activities unless a superior court overturns the current ruling.

His comments follow reports that the Bank of Ghana has filed an appeal against the Court of Appeal judgment restoring the operating licence of GN Savings and Loans, one of the institutions affected during Ghana’s financial sector clean-up exercise.

Addressing the issue, Dr. Nduom stressed that the only binding directive currently before the group is the order issued by the Court of Appeal.

“Let me be very clear, because I told you that we are law-abiding and we believe in the rule of law and we have orders. The orders that we have as I stand here are orders from the Court of Appeal, nowhere else,” he said.

The Court of Appeal’s ruling has reignited debate over the legality and implementation of the financial sector reforms that led to the revocation of licences of several indigenous financial institutions in recent years.

Dr. Nduom further disclosed that, to the best of his knowledge, the Bank of Ghana itself had not yet been formally served with the consequential orders arising from the judgment.

“So as I stand here, Bank of Ghana itself has not even been served with what the lawyers call the consequential orders,” he stated.

He also indicated that he had not personally received any official notice confirming that an appeal had been filed against the ruling.

“And then, again as I stand here, I have not been served with anything that says somebody is appealing the matter. It may be true, it may not be true, but I cannot rely on word of mouth or what’s on social media or what’s on radio or television,” he said.

Dr. Nduom explained that Groupe Nduom would rely strictly on formal legal processes rather than speculation or unofficial reports.

He assured stakeholders that the group’s legal team was prepared to respond swiftly to any new legal developments.

“But when we get anything at all from anybody, we are ready with our attorneys to deal with anything with dispatch,” he stated.

The businessman maintained that the group would not halt its operational recovery plans unless directed otherwise by a higher judicial authority.

“But even if something is served on us, until someone gives us an order different and also superior to what the Court of Appeal had given, we are not moving. We are not waiting for anybody,” he said.

Dr. Nduom also revealed that practical steps were already underway to restore the company’s operations, including infrastructural rehabilitation, organisational restructuring, and personnel arrangements.

“So I hope you understand that we are working. We are on the road. We are working, restoring, repairing, putting our things together, looking for people, and so on,” he added.