The President and Chairman of Groupe Nduom, Papa Kwesi Nduom, has announced that efforts are currently being made to restore the operating license of GN Savings and Loans and to recommence banking activities, following recent directives from the Court of Appeal.
In a Facebook post, Dr. Nduom stated that the group’s immediate objective is to regain regulatory approval from the Bank of Ghana, rehabilitate its branch infrastructure, and restart banking operations.
“For the avoidance of doubt: our objective is to get our license restored by BOG, fix our branch buildings and re-start banking operations. We aim to establish a productive and professional relationship with our regulator, BOG in the process,” he wrote.
Court of Appeal Order Guides Next Steps
Dr. Nduom elaborated that Groupe Nduom is acting in accordance with the directives issued by the Court of Appeal, particularly emphasizing the court’s use of the word “immediately” in its ruling.
According to him, the company intends to fully comply with the court’s orders while respecting any legal limitations imposed by the judicial process.
“So, we are taking instructions from the orders given by the Court of Appeal, particularly the word used, ‘immediately’,” he stated.
“The way forward for Groupe Nduom is to implement the orders of the Court of Appeal with discipline and enthusiasm while observing at all times any legal rights or constraints put on us by the judicial system.”
He added that preparations for the reopening of GN Savings had already commenced.
“So we have started work in earnest to prepare to re-open GN Savings,” he said.
Background to the Banking License Revocation
GN Savings was among several financial institutions whose licenses were revoked by the Bank of Ghana during the country’s financial sector cleanup exercise between 2017 and 2019. The central bank maintained that the affected institutions faced significant regulatory and capital adequacy challenges.
Groupe Nduom, however, has consistently challenged the revocation of the license, arguing that the company was treated unfairly and pursuing legal remedies to reverse the decision.
The recent Court of Appeal ruling has renewed optimism among customers, employees, and supporters of the company who have long advocated for the restoration of its operations.
Hope for Renewed Engagement With Bank of Ghana
Beyond the legal battle, Dr. Nduom indicated that the group is seeking to build a constructive relationship with the Bank of Ghana as part of the process toward resuming business.
Source: Wundef media
