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

Businessman and President of Groupe Nduom, Papa Kwesi Nduom, has reaffirmed the group’s determination to resume operations following the Court of Appeal’s decision to restore the licence of GN Savings and Loans.

According to Dr Nduom, the group remains committed to respecting the rule of law and will continue preparations to restart operations unless a superior court overturns the current judgment.

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

Addressing the issue, Dr Nduom stressed that the only binding legal directive currently available to the group is the ruling 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 stated.

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

Dr Nduom further disclosed that, to the best of his knowledge, the Bank of Ghana 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 explained.

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 added.

According to Dr Nduom, Groupe Nduom will rely strictly on official legal processes rather than speculation or media commentary regarding the ongoing legal battle.

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

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

The businessman maintained that the group would not halt its operational recovery efforts unless directed otherwise by a higher court.

“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 stressed.

Dr Nduom further disclosed that practical steps are already underway to restore the institution’s operational capacity, including infrastructural repairs, 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 noted.

For Groupe Nduom, the immediate focus remains on operational readiness and compliance with the standing orders of the Court of Appeal as the legal process continues.