Founder of GN Savings and Loans Company Limited, Dr Papa Kwesi Nduom, has cautioned against what he describes as “gutter politics” surrounding the defunct GN Bank and GN Savings and Loans, following a recent Court of Appeal ruling restoring the company’s operating licence.
In a social media post, Dr Nduom said his team remains focused on restarting the business and urged critics to refrain from politicising issues relating to the institution.
“Stop the gutter politics regarding GN Bank. We won’t mind you, for now. Working to re-start our business. Stop it, or, you will hear from us in 2027 and 2028. A word to the wise,” he wrote.
His comments come after the Court of Appeal, in a unanimous decision, overturned a High Court ruling that had upheld the Bank of Ghana’s revocation of the licence of GN Savings and Loans Company Limited.
The three-member panel held that the decision to revoke the company’s licence was unfair and unreasonable and consequently quashed both the revocation and the earlier High Court judgment that affirmed it.
The appellate court further ordered that the receiver hand over possession, management, control of assets, and other activities of the company to its shareholders.
Background
GN Bank Limited was reclassified as a savings and loans company on January 4, 2019, and subsequently renamed GN Savings and Loans Company Limited.
On August 16, 2019, the Bank of Ghana, under the leadership of then Governor Dr Ernest Addison, revoked the company’s licence as part of the financial sector clean-up exercise and appointed Eric Nana Nipah as receiver.
Following the revocation, Groupe Nduom, led by Dr Nduom, challenged the decision in the High Court in Accra, arguing that the action was unlawful.
The legal battle culminated in the recent Court of Appeal ruling, which restored the company’s licence and directed the return of its assets and management to shareholders.
The Bank of Ghana has not yet publicly indicated whether it will pursue a further appeal of the decision.
