The Court of Appeal has ruled in favour of GN Savings and Loans, ordering restoration of its licence and return of assets following its 2019 collapse. Founder Dr Papa Kwesi Nduom thanked President Mahama for his campaign promise to restore licences of unjustly collapsed banks, though Nduom's lawyer said the victory was independent of that promise.
23 May 2026 · Joy Online →
Dr Papa Kwesi Ndoum's lawyer has stated that the Court of Appeal's ruling in favour of GN Savings and Loans—which directed the Bank of Ghana to restore the company's licence and assets—resulted from an independent legal process and not from the NDC government's election pledge to restore licences of institutions affected by the 2019 banking sector clean-up.
23 May 2026 · Joy Online →
Former Finance Minister Mohammed Amin Adam has cautioned against attempts by government officials to politically appropriate the Court of Appeal's decision ordering restoration of GN Savings and Loans' licence, arguing the ruling raises questions about the credibility of Ghana's bank resolution framework and the relationship between politics and financial-sector regulation.
23 May 2026 · Joy Online →
Former Finance Minister Mohammed Amin Adam has cautioned that the Court of Appeal's ruling to restore GN Savings and Loans' licence could expose Ghana to fiscal and financial-stability risks, potentially triggering compensation claims from other collapsed institutions and creating open-ended contingent liabilities at a time of limited fiscal space. He warned that politically influenced reversals could weaken financial-sector deterrence and signal that regulatory breaches could be revisited if political conditions change.
23 May 2026 · Joy Online →
Karaga MP and former Finance Minister Mohammed Amin Adam has called on the Bank of Ghana and Ministry of Finance to clarify the regulatory and fiscal implications of a Court of Appeal ruling ordering restoration of GN Savings and Loans' licence. He outlined three immediate actions the Bank of Ghana should take: publicly explain the regulatory implications and indicate if it will appeal, conduct and publish a fresh prudential assessment before any restoration becomes operational, and have the Ministry of Finance disclose any potential fiscal exposure including compensation obligations and depositor liabilities.
23 May 2026 · Joy Online →
President of Groupe Ndoum says rebuilding GN Savings and Loans will be difficult following years of asset disposals and deterioration since the company's licence was revoked in 2019. He cited substantial losses of vehicles, generators, and motorcycles, and said the group is awaiting court directives on asset recovery before making decisions on a relaunch.
23 May 2026 · Joy Online →
President of Groupe Ndoum Dr Papa Kwesi Ndoum has alleged that deliberate misrepresentation of GN Bank's financial position and false claims about its solvency played a major role in the institution's collapse, undermining public confidence and worsening challenges from suspended government contracts. He claims an independent audit showed significantly more money was owed to the bank than the GH¢30 million figure cited by the Bank of Ghana in revoking the licence.
23 May 2026 · Joy Online →
Dr Papa Kwesi Ndoum, president of Groupe Ndoum, has revealed that more than 4,500 direct and indirect jobs were lost following the collapse of GN Bank and revocation of the licence of GN Savings and Loans, affecting workers, their families, and businesses dependent on the bank's operations.
23 May 2026 · Joy Online →
Dr Nana Kweku Ndoum, president of Groupe Ndoum, stated that the collapse of GN Bank and revocation of GN Savings and Loans' licence led to the loss of more than 4,500 direct and indirect jobs, with impact extending to workers' families and businesses dependent on the bank's operations.
23 May 2026 · Joy Online →
Lawyer Bobby Banson argues that Ghana's 2017–2019 banking sector clean-up, which revoked licences of several banks and savings institutions, could have been managed differently to reduce impact on jobs, businesses, and customers. He suggests authorities had alternative options, such as financial support for struggling institutions, rather than the approach of collapsing banks and pursuing individuals for suspected wrongdoing.
23 May 2026 · Joy Online →
Dr Nana Kweku Ndoum, president of Groupe Ndoum, has said the company was shocked by the revocation of GN Savings and Loans' licence, insisting the institution had met all regulatory requirements. He stated that GN Bank was solvent before regulatory actions, and the downgraded company complied with all requirements imposed during transition before the licence was revoked.
23 May 2026 · Joy Online →
Dr Nana Kweku Ndoum has disputed claims that GN Bank was insolvent before its downgrade to a savings and loans company and licence revocation by the Bank of Ghana, asserting the bank remained solvent and possessed sufficient assets when regulatory actions were taken.
23 May 2026 · Joy Online →
A Court of Appeal ruling in favour of GN Savings & Loans could be a first step toward restoring its licence, revoked by the Bank of Ghana in August 2019. The lawyer for Groupe Nduom argues the licence was revoked solely on insolvency grounds, not on the other alleged regulatory breaches the central bank cited at the time.
23 May 2026 · Joy Online →
JoyNews' Newsfile programme examined escalating national debate on free speech and political expression, with panellists exploring whether the state is overreaching in its response to criticism. The panel also discussed the possible return of GN Bank following a Court of Appeal ruling that restored the licence of GN Savings and Loans Company Limited and ordered its assets and operations be handed back to shareholders.
23 May 2026 · Joy Online →