Omanghana
The President of Groupe Nduom, Nana Kweku Nduom, has stated that the vast majority of customers affected by the shutdown of GN Bank have already received their funds, based on information available to the company.
His comments come shortly after a major legal breakthrough on May 21, 2026, when the Court of Appeal unanimously overturned an earlier High Court ruling and declared the Bank of Ghana’s revocation of GN Savings and Loans’ operating license as “unfair and unreasonable.”
The appellate court subsequently ordered the immediate restoration of the institution’s license and the return of all seized assets.
Speaking during a media interview after the landmark ruling, Dr. Nana Kweku Nduom indicated that most affected customers had already received reimbursement following the banking sector cleanup exercise.
“In terms of the customers who have been affected by this whole thing, we believe that a vast majority of them have been paid their money. That’s what we’ve been told,” he said.
He added that Groupe Nduom remains committed to identifying and resolving any outstanding payment issues affecting customers who may still be awaiting their funds.
Dr. Nduom acknowledged the prolonged hardship experienced by customers and expressed regret over the disruption caused by the regulatory intervention.
According to him, the company is prepared to move quickly to restore operations, rebuild confidence, and resume services following the court’s decision.
He stressed that the organization’s priority remains making every affected customer whole while re-establishing trust in the financial institution.
The Court of Appeal ruling represents a dramatic development in one of the most contentious episodes of Ghana’s banking sector reforms.
In August 2019, the Bank of Ghana revoked the license of GN Bank, citing concerns including insolvency, weak corporate governance practices, and failure to meet capital adequacy requirements.
The decision formed part of Ghana’s broader banking sector cleanup exercise aimed at strengthening financial stability.
Founder Paa Kwesi Nduom strongly opposed the revocation, insisting that the institution was solvent at the time of the closure.
He argued that GN Savings and Loans faced liquidity pressure largely because government agencies and the Ministry of Finance allegedly failed to settle hundreds of millions of cedis owed to the company for contracts and services rendered.
After several legal proceedings and jurisdictional challenges, an Accra High Court dismissed the company’s suit in January 2024, siding with the central bank’s intervention.
However, the Court of Appeal has now overturned that ruling, significantly altering the legal landscape surrounding the case.
Although Groupe Nduom is preparing to reclaim its operational assets and banking facilities, legal analysts believe the matter may not yet be fully resolved.
Banking consultants and legal experts expect the Bank of Ghana to potentially challenge the ruling at the Supreme Court in a bid to defend the legal framework underpinning Ghana’s banking sector cleanup program.
The case is expected to remain a major point of discussion within Ghana’s financial and legal sectors in the coming months.
Source: Omanghana
