BoG given seven days to file arguments in Nduom licence appeal

The Court of Appeal has granted the Bank of Ghana (BoG) leave to file its written submissions in the case in which the founder of GN Savings and Loans Company Limited, Dr Papa Kwesi Nduom, is challenging the revocation of the company’s licence.

Per the court’s orders, the parties in the case have seven days to file their responses, if any, after the BoG submits its written arguments.

A three-member panel of the Court of Appeal on February 10, 2026, granted the application and gave the BoG seven days to file its submissions.

BoG dismisses claims of GN Bank license restoration

The application for an extension of time to file the written submissions was moved by counsel for the BoG, Kweku Boamah Kwakye.

The case before the Court of Appeal challenges the High Court decision by Justice Gifty Agyei Addo, which upheld the revocation of the financial company’s licence.

GN Bank’s licence was revoked in 2019 by the central bank as part of efforts to protect depositors’ funds and stabilise the country’s financial sector.

The revocation followed the bank’s failure to comply with key financial regulations, which affected its operational capacity. The bank fell short in areas including capital adequacy, liquidity requirements, and risk management controls.

Dr Nduom was represented by Dr Nana Kweku Ndoum, while Coconut Grove Beach Resort and Conference Centre Limited was represented by Barbara Brown. Nana Ofori Owusu, Vice President at Groupe Ndoum, represented the Groupe.

The Bank of Ghana was also represented by its in-house counsel, Marcus Owusu Peprah.

SP/MA

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