Groupe Nduom Rejects Claims That BoG Has Permanently Blocked GN Bank Licence Restoration
Groupe Nduom has strongly refuted media reports suggesting that the Bank of Ghana (BoG) has conclusively ruled out ever restoring the operating licence of GN Bank (now GN Savings and Loans Company Limited).
In an official statement issued on Friday, February 6, 2026, the group described the publication by the Daily Graphic as inaccurate and misleading.
Key Clarifications from Groupe Nduom:
GN Bank Limited was reclassified as a savings and loans company on January 4, 2019, and renamed GN Savings and Loans Company Limited.
On August 16, 2019 — just seven months later — BoG revoked the licence and appointed Eric Nana Nipah as Receiver. This formed part of the broader banking sector clean-up exercise initiated in 2018 under then-Finance Minister Ken Ofori-Atta.
The owners, led by Dr Papa Kwesi Nduom, challenged the revocation at the High Court in Accra on August 30, 2019.
After nearly five years, the High Court (Justice Gifty Agyei Addo) ruled in favour of BoG on January 24, 2024.
The owners immediately filed an appeal at the Court of Appeal on January 29, 2024. The appeal is still pending and scheduled for hearing on February 10, 2026.
BoG has been served with all appeal documents but has only filed an application for extension of time (last week) and has not yet submitted a substantive response.
The Supreme Court has not ruled on the revocation or restoration of the licence. The only Supreme Court matter was an interlocutory application on the jurisdiction of the High Court, which was decided in favour of GN Savings and Loans.
Groupe Nduom stressed that the matter remains active in the Court of Appeal and no final determination has been made on the merits of the revocation or the possibility of licence restoration.
The group assured the public of its continued commitment to protecting its legal rights and the interests of customers while the case proceeds through the courts.
