Nduom: GN Savings will operate under Court of Appeal order unless overturned
Businessman and Groupe Nduom President Papa Kwesi Nduom says the group is preparing to resume operations following a Court of Appeal ruling that restored the licence of GN Savings and Loans, amid ongoing legal uncertainty over the financial sector clean-up. Dr Nduom said the group is acting strictly in line with the Co...
Businessman and Groupe Nduom PresidentPapa Kwesi Nduom says the group is preparing to resume operations following a Court of Appeal ruling that restored the licence of GN Savings and Loans, amid ongoing legal uncertainty over the financial sector clean-up.
Dr Nduom said the group is acting strictly in line with the Court of Appeal’s directive, which currently remains the only binding order, unless a superior court rules otherwise.
“Let me be very clear… the orders that we have as I stand here are orders from the Court of Appeal, nowhere else,” he said.
His comments come after reports that theBank of Ghana has filed an appeal against the judgment, which reinstated the licence of one of the financial institutions affected during Ghana’s banking sector reforms.
However, Dr. Nduom said he had not seen any official documentation confirming the appeal or any consequential orders from the court.
“As I stand here, Bank of Ghana itself has not even been served with what the lawyers call the consequential orders,” he stated.
He added that he could not rely on media or unofficial reports regarding legal developments, stressing that Groupe Nduom would respond only to formally served court processes.
“It may be true, it may not be true, but I cannot rely on word of mouth or what’s on social media,” he said.
Dr. Nduom maintained that the group would proceed with operational recovery plans unless a higher court issues a contrary order.
“But until someone gives us an order different and also superior to what the Court of Appeal had given, we are not moving,” he said.
He further disclosed that preparatory work was already underway to restore operations, including infrastructure rehabilitation, restructuring, and staffing plans.
“So I hope you understand that we are working… restoring, repairing, putting our things together,” he added.
The Court of Appeal ruling has reignited debate over the legality and impact of Ghana’s financial sector clean-up, which led to the collapse or consolidation of several indigenous financial institutions.