Groupe Nduom intends to resume operations for GN Savings and Loans. This follows a crucial ruling from the Court of Appeal. The court ordered the restoration of the company's operating licence. Businessman Papa Kwesi Nduom confirmed this determination. He is the President of Groupe Nduom. The group maintains its commitment to the rule of law. Preparations to restart business activities are underway. Operations will only stop if a higher court overrules the current decision. This statement comes amidst reports of a Bank of Ghana appeal. The central bank has reportedly challenged the Court of Appeal’s judgment. This judgment previously reinstated GN Savings and Loans’ licence. This institution was one of many affected by the financial sector clean-up.
Dr. Nduom emphasized that the only official directive the group holds is from the Court of Appeal. He stated this clearly to stakeholders. "The orders that we have... are orders from the Court of Appeal, nowhere else," he said. The Court of Appeal's ruling has sparked renewed debate. It concerns the legality of the financial reforms. These reforms led to the revocation of many local financial institutions' licences. Dr. Nduom also noted a procedural detail. To his knowledge, the Bank of Ghana had not yet been formally served. This concerns the consequential orders from the judgment. "Bank of Ghana itself has not even been served with what the lawyers call the consequential orders," he stated. He personally had not received official notification of an appeal. "I have not been served with anything that says somebody is appealing the matter," he added. He will not rely on unconfirmed information. This includes social media or radio reports.
Groupe Nduom will strictly follow formal legal processes. They will not act on speculation. Legal representatives are ready. They will respond quickly to any new legal developments. "When we get anything at all from anybody, we are ready with our attorneys to deal with anything with dispatch," Dr. Nduom said. The group will not halt its recovery plans. This decision stands unless a higher judicial authority orders otherwise. "Until someone gives us an order different and also superior to what the Court of Appeal had given, we are not moving," he declared. Practical steps are already in motion. These aim to restore the company’s operational capacity. This includes rehabilitating infrastructure. It also involves organisational restructuring. Personnel arrangements are also a focus. "We are working, restoring, repairing, putting our things together, looking for people, and so on," he added. For Groupe Nduom, the immediate priority is operational readiness. They will also comply with the Court of Appeal's standing orders. The legal battle continues to evolve. This situation affects confidence in the banking sector. It also raises questions about regulatory actions. The financial sector clean-up from 2017 to 2019 resulted in many closures.