State-Sponsored Terror Must Never Happen Again” Dr. Papa Kwesi Nduom After Court of Appeal Quashes GN Bank License Revocation

Story by Fada Amakye

Dr. Papa Kwesi Nduom, President and Chairman of Groupe Nduom, has described the revocation of GN Savings and Loans’ license in 2019 as “state-sponsored terrorism,” vowing that such an action must never be repeated against indigenous Ghanaian businesses.

Speaking to the media for the first time since 2019, Dr. Nduom said the Court of Appeal’s May 21, 2026 decision to set aside the entire judgment of the High Court Human Rights Division marks a turning point in his seven-year legal battle for justice.

This is the first time I am talking to the media like this since 2019. It has been a long and tough seven years,” he said. “On May 21, 2026, justices of the Court of Appeal acted to ensure that justice that was delayed for nearly seven years was served.

The Court of Appeal ruled that the August 16, 2019 decision by the Bank of Ghana to declare GN Savings insolvent and revoke its license was flawed. The three-member panel set aside the January 24, 2024 High Court ruling that had dismissed GN’s human rights application, effectively nullifying the basis for the license withdrawal.

Dr. Nduom recounted the pressure his institution faced in the two years leading to the revocation, citing “stress and pressure from our regulator, from officials of the previous administration, and commentators of various types who did not know or forgot the importance of indigenous financial institutions to a nation’s economy.

He emphasized that GN Savings was not just a bank, but “a necessary ingredient for national economic development” with a mission to take formal financial services to the doorstep of ordinary Ghanaians.

What happened to us in 2019 must never be repeated or visited on our people again,” he said, quoting Jeremiah 29:11: “I know the plans I have for you, declares the Lord, plans to prosper you and not to harm you, plans to give you hope and a future.

The businessman said Groupe Nduom’s focus now is rebuilding. “We are here because on May 21, 2026, justices of the Court of Appeal acted… We move forward with faith in the Lord and confidence in our abilities to change what has been negative into something positive that we can all be proud of,” he added.

The Bank of Ghana revoked the licenses of 347 microfinance companies and 23 savings and loans companies in 2019, citing insolvency. GN Savings was among the institutions affected. The Court of Appeal’s latest ruling quashes the revocation order, though regulatory next steps remain to be determined.