Groupe Nduom has dismissed reports suggesting that the Bank of Ghana (BoG) has permanently ruled out the restoration of GN Bank’s licence, describing such claims as inaccurate and misleading.
In a press release dated Friday, February 6, 2026, the group said its attention had been drawn to a Daily Graphic publication headlined “BoG Rules Out GN Bank Licence Restoration,” stressing that the report does not reflect the true status of the ongoing legal process.
In the statement, Groupe Nduom gave a trajectory of events leading to the revocation of its license
GN Bank Limited reclassified and renamed GN Savings and Loans Company Limited on January 4, 2019.
“On January 4, 2019, GN Bank Limited was reclassified as a savings and loans company and, consequently, re-named GN Savings and Loans Company Limited,” the group noted.
However, barely seven months later, the Bank of Ghana revoked the company’s operating licence.
“On August 16, 2019, the Bank of Ghana… revoked the operating licence of GN Savings and Loans Company Limited and appointed Mr Eric Nana Nipah as Receiver,” the statement said.
Groupe Nduom explained that the decision formed part of the banking sector clean-up exercise initiated in 2018. It said the revocation was “ostensibly, part of the so-called banking sector clean-up exercises” started by former Finance Minister Ken Ofori-Atta.
Following the revocation, the company’s owners challenged the decision in court. “On August 30, 2019, the owners… led by Dr Papa Kwesi Nduom, challenged the revocation of the licence in the High Court, Accra,” the release stated.
After nearly five years, the High Court ruled in favour of the central bank in January 2024.
“It took almost 5 years… for the High Court… to give judgment in favour of the Bank of Ghana,” Groupe Nduom said.
The company said it subsequently filed an appeal.
“On January 29, 2024, the owners… appealed to the Court of Appeal against the High Court judgement,” it added, noting that the appeal is still pending.
According to the statement, the case is scheduled to be heard on February 10, 2026.
“This appeal is pending before the Court of Appeal, and is scheduled to be heard next week, on February 10, 2026,” the group said.
Groupe Nduom further accused the Bank of Ghana of delaying the process.
“The Bank of Ghana… has failed to file a response to the Appeal,” it stated, adding that the central bank only recently applied for more time to do so.
The group also rejected claims that the Supreme Court has already ruled on the matter.
“We wish to state that… the Supreme Court has not ruled on the revocation or restoration of the licence,” the statement stressed.
It clarified that the apex court only handled a preliminary issue.
“The only time that an aspect of the case went before the Supreme Court was an interlocutory matter on jurisdiction of the High Court, which the Supreme Court ruled in favour of the owners,” it said.
Groupe Nduom assured customers and the general public of its continued commitment to the legal process.
“Groupe Nduom wishes to assure the general public that it remains committed to protecting its rights and the interests of its customers,” the statement noted.
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