Chairman of Groupe Nduom, of former defunct GN Bank Paa Kwesi Nduom has broken his silence for the first time in a long time

during his company’s legal tussle over its license revocation by the Bank of Ghana (BoG) in 2019.

On, Thursday, May 21, the Appeal Court ordered the Central bank to restore the bank’s operating license, directing that all assets of the bank be returned to its original owners, ordering the Receiver to hand over management of the company to its previous management team.

Speaking to journalists after the appellate ruling, Mr Nduom described the years of legal battle as “unimaginable” citing the death of some employees and loss of properties.

“It's been a very difficult seven years.We definitely give thanks to the Almighty for keeping us healthy enough to be where we are because this has been a very tough and difficult time that we have gone through. It's just unimaginable.” he said adding that, at the appropriate time his outfit will address the public on the challenges it faced during these years.

“There's a lot to say, but not today. At the appropriate time, we will hold a press conference to go through what we have experienced and the difficulties we faced”, he added.

He went on to commend the government for creating a good political environment leading to significant systemic changes.

“What I want to say is that we are in a very good political environment. That environment has brought about a wind of change, and we are expecting that, with our licence restored, we will now play our part in making sure that this country achieves the level of prosperity that is needed”, he indicated.

Despite the difficulties the revocation caused such as deaths of some employees and customers as well as loss of businesses among other implications, Mr Nduom assured that GNBank will come back stronger.

“There are just too many difficulties. Some people have died, some have lost their jobs, assets have been destroyed, and many things cannot be recovered

“But what we promise is that we will restore our business and do our part to help restore this country. We will make certain that our second chance is not wasted”, he continued.

Events leading up to the ruling

The ruling marks a major development in the long-running legal battle between GN Bank and the Bank of Ghana over the controversial banking sector clean-up exercise initiated in 2018.

GN Bank was first reclassified as a savings and loans company on January 4, 2019, and subsequently renamed GN Savings and Loans Company Limited.

Seven months later, on August 16, 2019, under the leadership of former Bank of Ghana Governor Ernest Addison, the central bank revoked the company’s operating licence and appointed Eric Nana Nipah as Receiver.

The owners of GN Savings and Loans, led by Papa Kwesi Nduom, challenged the decision at the High Court in Accra on August 30, 2019, describing the revocation as unlawful, malicious, and unreasonable.