Businessman and founder of Groupe Nduom, Dr Papa Kwesi Nduom, has reacted to the Supreme Court’s decision to suspend the Court of Appeal judgment that had paved the way for GN Savings and Loans to resume operations.ndoumndoum
In a brief Facebook post on Thursday, July 16, Dr Nduom wrote: “It takes huge ‘akokodur’ [courage] to start and keep running a business in this land.”
His comment comes shortly after the Supreme Court stayed the execution of the Court of Appeal’s decision, effectively putting on hold the ruling that had allowed GN Savings and Loans to restart operations.
The latest decision means the existing situation will remain unchanged until the Supreme Court determines the substantive issues in the case.
The Court of Appeal had earlier ruled in favour of GN Savings and Loans, a development considered a major boost for the financial institution following the revocation of its licence during Ghana’s banking sector clean-up.
However, the Supreme Court’s intervention has delayed the company’s planned return to operations pending the determination of the legal matter.
Although Dr Nduom did not directly refer to the court’s decision in his social media post, his remarks have attracted attention amid the ongoing legal dispute involving GN Savings and Loans.
GN Savings and Loans was among several financial institutions affected by Ghana’s financial sector reforms, which resulted in the Bank of Ghana revoking the licences of some banks, savings and loans companies, and microfinance institutions over regulatory and solvency concerns.
