Friday, 6th February 2026 PRESS RELEASE
The attention of Groupe Nduom has been drawn to a publication by the Daily Graphic with the above headline. The facts of the matter are as follows:
- On January 4, 2019, GN Bank Limited was reclassified as a savings and loans company and, consequently, re-named GN Savings and Loans Company Limited.
- Seven months later, on August 16, 2019, the Bank of Ghana, under the leadership of Dr Ernest Addison, revoked the operating licence of GN Savings and Loans Company Limited and appointed Mr Eric Nana Nipah as Receiver.
- The revocation was, ostensibly, part of the so-called banking sector clean-up exercises which the former Minister of Finance, Mr Ken Ofori-Atta, commenced from 2018.
- On August 30, 2019, the owners of GN Savings and Loans Company Limited, led by Dr Papa Kwesi Nduom, challenged the revocation of the licence in the High Court, Accra.
- It took almost 5 years, on January 24, 2024, for the High Court which was presided over by Mrs Justice Gifty Agyei Addo (who was freshly promoted to the Court of Appeal), to give judgment in favour of the Bank of Ghana.
- On January 29, 2024, the owners of GN Savings and Loans Limited appealed to the Court of Appeal against the High Court judgement.
- This appeal is pending before the Court of Appeal, and is scheduled to be heard next week, on February 10, 2026.
- The Bank of Ghana, which has been served with all the Court of Appeal documents in the case, has failed to file a response to the Appeal. It was just last week that the Bank of Ghana filed an application for extension of time to file their response.
- We wish to state that, contrary to the publication by the Daily Graphic, the Supreme Court has not ruled on the revocation or restoration of the licence of GN Savings and Loans. The only time that an aspect of the case went before the Supreme Court was an interlocutory matter on jurisdiction of the High Court, which the Supreme Court ruled in favour of the owners of GN Savings and Loans.
Groupe Nduom wishes to assure the general public that it remains committed to protecting its rights and the interests of its customers.
Corporate Affairs Department
Groupe Nduom Ghana
