Papa Kwesi Nduom, the founder of GN Savings and Loans, has described the past seven years as “very, very difficult” after the Court of Appeal ordered the Bank of Ghana to restore the company’s operating licence.
The ruling, delivered on Thursday, May 21, overturns an earlier High Court decision that upheld the revocation of the financial institution’s licence during Ghana’s banking sector clean-up exercise.
A three-member panel of the Court of Appeal also directed that all assets of GN Savings and Loans be returned to its original owners. The Receiver handling the institution was further ordered to hand over management of the company back to its former leadership.
The decision marks a major development in one of the most closely watched legal battles linked to Ghana’s financial sector reforms.
Nduom says past seven years have been painful
Speaking to journalists after the ruling, Dr Nduom said the period following the revocation of the licence had taken a heavy toll on the company, its workers, and supporters.
“It’s been a difficult, very, very difficult seven years. We want to thank the family. We want to thank all of our employees. We’ve had some very loyal, hardworking employees who have stood with us all these years,” he said.
He also thanked God for sustaining him and his team throughout what he described as an unimaginable ordeal.
“And definitely, we give thanks to the Almighty for keeping us healthy enough to be where we are because this has been a very, very tough, very difficult time that we have gone through. It’s just unimaginable,” he added.
Court overturns earlier ruling on GN Savings licence
The legal dispute between GN Savings and Loans and the Bank of Ghana dates back to 2018, when the central bank began a sweeping clean-up of Ghana’s banking and financial sector.
As part of the exercise, several financial institutions lost their licences over issues relating to capital requirements, liquidity challenges, and regulatory compliance.
GN Savings and Loans was later reclassified as a savings and loans company on January 4, 2019, before being renamed GN Savings and Loans Company Limited.
The latest Court of Appeal ruling effectively reverses the earlier legal position that supported the revocation of the company’s licence.
Nduom speaks about “wind of change” in Ghana
Dr Nduom also linked the court victory to what he described as a positive political atmosphere following the recent change in government.
“We are in a very good political environment, and that environment has brought about a wind of change. We are expecting that with the licence restored, we will now play our part in making sure that this country achieves the level of prosperity that is needed,” he stated.
He added that GN Savings and Loans would later hold a press conference to fully brief Ghanaians on the challenges the company faced throughout the prolonged legal battle.
Why the ruling matters
The Court of Appeal’s decision is likely to reignite public debate over Ghana’s banking sector clean-up and its long-term impact on affected businesses, workers, customers, and investors.
The clean-up exercise, which began under the Bank of Ghana in 2017 and 2018, led to the collapse or restructuring of several indigenous financial institutions across the country.
The ruling may also trigger broader discussions about regulation, compensation, and accountability within Ghana’s financial sector.
