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

Papa Kwesi Nduom, businessman and President of Groupe Nduom, has reaffirmed the group’s determination to resume operations following the Court of Appeal ruling restoring 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 issues a different order overturning the current judgment.

His comments come after reports emerged that the Bank of Ghana had filed an appeal against the Court of Appeal decision that restored 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 legally binding directive currently available to the group is the ruling delivered 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 decision has renewed debate over the financial sector reforms that led to the revocation of licences of several indigenous financial institutions during the banking and savings and loans sector clean-up.

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 said.

He also indicated that he had not personally received any official legal 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 explained.

According to Dr Nduom, Groupe Nduom intends to rely strictly on official legal processes rather than speculation or unofficial reports circulating in the media and on social platforms.

He assured stakeholders that the group’s legal team remains prepared to respond promptly to any new legal developments concerning the matter.

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

Dr Nduom maintained that the group would continue with its recovery and operational plans unless a higher court issues a contrary directive superseding the Court of Appeal’s ruling.

“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 added.

The businessman also disclosed that practical steps are already underway to restore the company’s operational capacity, including repairs to infrastructure, organisational restructuring, and efforts to rebuild staffing 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 Court of Appeal orders while the legal process surrounding the case continues.

The development is expected to remain a key topic within Ghana’s financial sector as stakeholders continue to assess the implications of the court ruling and the Bank of Ghana’s response.