Court of Appeal Restores License of Dr Papa Kwesi Ndoum's GN Savings and Loans
- The Court of Appeal has unanimously restored the operating licence of GN Savings and Loans Company Limited
- The ruling overturned both the Bank of Ghana’s revocation and an earlier High Court ruling that upheld it.
- The court further ruled that the decision to withdraw the licence was unfair and unreasonable
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The Court of Appeal has unanimously restored the operating licence of GN Savings and Loans Company Limited, a financial firm belonging to Ghanaian businessman and politician, Dr Papa Kwesi Ndoum
This ruling brings an end to a legal battle over its closure during Ghana’s banking sector clean-up exercise.
Source: Facebook
According a report by Graphiconline on Thursday, May 21, 2026, the appellate court overturned an earlier ruling by the High Court in Accra, which had upheld the decision to revoke the company’s licence.
The three-member panel held that the original decision to withdraw the licence was unfair and unreasonable, and therefore could not stand in law.
As a result, both the Bank of Ghana’s revocation of the licence and the High Court’s judgment have been set aside.
The Court of Appeal further ordered that the receiver appointed to manage the company must hand over possession, control, and management of all assets and operations back to the shareholders of GN Savings and Loans Company Limited.
Background to the banking sector clean-up
On January 4, 2019, GN Bank Limited was downgraded and reclassified as a savings and loans institution, subsequently operating as GN Savings and Loans Company Limited.
In August 2019, the Bank of Ghana, under the leadership of Ernest Addison, revoked the company’s licence as part of the broader financial sector clean-up. A receiver, Eric Nana Nipah, was appointed to take over its operations.
Following the revocation, Groupe Nduom, led by businessman and politician Papa Kwesi Nduom, challenged the decision at the High Court in Accra.
However, on January 24, 2024, the High Court upheld the Bank of Ghana’s decision to revoke the licence.
That ruling was subsequently appealed, culminating in the Court of Appeal’s decision to overturn it and restore the company’s licence.
Dr Papa Kwesi Ndoum visits Mahama
Earlier, YEN.com.gh reported that the management of the GN Bank led by its founder, Dr Papa Kwesi Nduom paid a courtesy call on former president Mahama at his Cantonment office in Accra.
At the visit, Dr Nduom petitioned the former president, who is running for the presidential election, to restore the license of his GN Bank if elected as in the December polls.
This meeting attracted reactions from Ghanaians on social media as they shared varied views.
Source: YEN.com.gh
