Renowned Ghanaian entrepreneur and politician Dr Papa Kwesi Nduom has dismissed reports suggesting that the Bank of Ghana (BoG) has permanently ruled out the restoration of GN Bank’s banking license, describing the claims as inaccurate.
The report, first published by Graphic Business on February 6, 2026, quoted the Governor of the Bank of Ghana, Dr Johnson Asiama, as saying the matter had been conclusively settled by the Supreme Court, leaving no room for further regulatory or legal action.
“There is a Supreme Court ruling on that matter. The review also failed. So, nothing can be done,” the report quoted the governor as saying.
BoG dismisses claims of GN Bank license restoration
However, Dr Nduom, who is the Founder and CEO of GN Savings and Loans Company Limited, has challenged the accuracy of the report.
He reposted a rebuttal by Accra-based Amansan Television, which described the publication as false.
In a Facebook post captioned “FAKE NEWS!!!!”, the media house stated that the case involving GN Bank is still before the courts and has not been determined by the Supreme Court.
“GN Bank case is still in court. Supreme Court has not ruled over the case. GN Bank has not gone to Supreme Court for review,” the station asserted.
Backing the claim, Dr Nduom questioned the credibility of the initial report and criticised the alleged lack of verification as an attempt at political sabotage.
“So, Graphic and GBC do not have fact checkers? They don’t know us? Who is doing this to President Mahama?” he wrote on Facebook.
Background
GN Bank’s licence was revoked in 2019 as part of the Bank of Ghana’s sweeping financial sector clean-up aimed at protecting depositors and strengthening the stability of the banking system.
The institution was subsequently downgraded to GN Savings and Loans Company Limited.
The central bank cited the bank’s failure to meet key regulatory requirements, including capital adequacy, liquidity thresholds, and risk management controls, as reasons for the revocation.
GN Bank’s collapse formed part of a broader exercise that saw the withdrawal of licences from several commercial banks, savings and loans companies, and microfinance institutions.
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