Dr Papa Kwesi Nduom Reacts as Supreme Court Halts GN Savings Licence Restoration
- The Supreme Court stayed a Court of Appeal ruling on July 14, 2026 that had ordered the Bank of Ghana to reinstate GN Savings and Loans' licence
- The central bank revoked GN's operating licence in August 2019 during a financial sector clean-up
- Groupe Nduom founder Dr Papa Kwesi Nduom reacted on Facebook, saying it takes huge 'akokodur' to run a business in Ghana
Groupe Nduom founder Dr Papa Kwesi Nduom has spoken out after Ghana's Supreme Court stepped in to suspend a ruling that would have restored GN Savings and Loans' operating licence, leaving the financial institution's future uncertain once again.
On July 14, 2026, the apex court stayed the execution of a Court of Appeal judgment that had instructed the Bank of Ghana (BoG) to reinstate GN's licence.
Source: UGC
According to a report by GhanaWeb, the suspension means the firm cannot resume operations until the Supreme Court determines the BoG's appeal against the appellate ruling.
GN Bank licence legal battle
The dispute stretches back to August 2019, when the BoG revoked GN Savings and Loans' licence as part of a wider financial sector clean-up exercise.
GN contested the decision, describing the revocation as both unlawful and malicious.
After years of legal proceedings, the Court of Appeal ruled on May 21, 2026 in GN's favour, characterising the original revocation as unfair and directing the central bank to restore the licence.
The BoG challenged that verdict, arguing the appellate court made errors in law, prompting the Supreme Court to grant the stay pending a full hearing.
Taking to Facebook on July 16, 2026, Dr Nduom offered a measured but pointed response to the latest development, reflecting on the resilience demanded of business owners in the country.
"It takes huge 'akokodur' to start and keep running a business in this land," he wrote, invoking the Akan word for courage and bravery.
His comment signals the toll the prolonged legal dispute has taken, while also affirming his determination to continue pursuing the matter through the courts.
With the case now before the Supreme Court, a final resolution on GN Savings and Loans' operating status remains pending.
Ndoum gets emotional over GN Bank's collapsed
Earlier, YEN.com.gh reported that Dr Nduom nearly broke down in tears after he visited one of the numerous branches of the defunct GN Bank.
Touring the facilities, Dr Nduom could not believe the ruins he saw on his properties worth millions of cedis.
He shared an emotional video to launch a campaign as part of a plan to get his bank in business again.
Source: YEN.com.gh
