Groupe Nduom President Papa Kwesi Nduom says his group is moving forward with plans to restore GN Savings and Loans to full operations, acting strictly on the authority of the Court of Appeal’s ruling that reinstated the institution’s licence last week, while maintaining that he has not been formally served with any superior order to halt proceedings.
On 21 May 2026, a three-member Court of Appeal panel unanimously restored the operating licence of GN Savings and Loans Company Limited, overturning both the Bank of Ghana’s 2019 revocation and a January 2024 High Court ruling that had upheld it, holding that the revocation was unfair and unreasonable and ordering the receiver to hand back possession, management, and control of the institution’s assets to its shareholders.
“Until someone gives us a superior order, we are not moving,” Dr. Nduom said, stressing that the Court of Appeal’s directive remains the only binding order before him and that Groupe Nduom would respond only to formally served court processes.
He said he could not confirm or act on reports that the Bank of Ghana had filed a further appeal, noting that neither his team nor the central bank itself had been served with what he described as the consequential orders from the court.
The Bank of Ghana filed a Supreme Court appeal on 27 May 2026, just six days after the Court of Appeal delivered its unanimous ruling, arguing the appellate court erred in law. The filing means GN Savings and Loans remains in receivership while Ghana’s highest court determines whether the Court of Appeal’s ruling can stand.
Nduom said preparatory work is already underway regardless, including infrastructure rehabilitation, restructuring, and staffing plans. He announced that the first branch to reopen will be located in Elmina in the Central Region, with other branches expected to follow gradually.
The Court of Appeal ruling has revived public pressure for the release of funds trapped by thousands of customers who have been unable to access their savings since the 2019 financial sector clean-up.
