The legal battle over the revocation of GN Savings and Loans’ licence has taken a new turn as a three‑member panel of the Court of Appeal has granted the Bank of Ghana (BoG) seven days to file its written submissions in the ongoing appeal.
The court, Ghana’s second-highest judicial body, further directed all parties to file any responses to the BoG’s submissions within seven days after they are served. The extension request was filed by BoG’s counsel, Kweku Boamah Kwakye.
The appeal challenges the January 24, 2024 ruling of Justice Gifty Agyei Addo of the High Court, which upheld the central bank’s 2019 decision to revoke the licence of GN Savings and Loans Company Limited.
At the hearing, Dr. Papa Kwesi Nduom, founder of Groupe Nduom, was represented by Dr. Nana Kweku Ndoum. Coconut Grove Beach Resort and Conference Centre Limited was represented by Barbara Brown, while Groupe Nduom’s Vice President, Nana Ofori Owusu, appeared for the group. The Bank of Ghana was represented by its in-house counsel, Marcus Owusu Peprah.
The dispute traces back to January 4, 2019, when GN Bank Limited was reclassified as a savings and loans institution and renamed GN Savings and Loans Company Limited. Seven months later, on August 16, 2019, the BoG—then led by Governor Dr. Ernest Addison, revoked its operating license and appointed Eric Nana Nipah as Receiver; being part of the government’s sweeping financial sector clean-up.
Groupe Nduom immediately challenged the revocation in the High Court, arguing that the decision was unjustified and destructive to businesses, jobs, and customer livelihoods. After nearly five years of litigation, the High Court ruled in favour of the BoG, prompting the current appeal.
Reacting to the latest development, Dr. Nduom lamented the prolonged delays in securing justice.
“Justice delayed. If it is the state, it’s okay? But real lives, jobs, customer funds have been put on hold and some destroyed for seven years,” he said, underscoring the human and economic toll of the unresolved case.
The Court of Appeal’s directive sets the stage for a decisive phase in a case that has become emblematic of the broader controversies surrounding Ghana’s financial sector reforms.
