Businessman and founder of Groupe Nduom, Dr Papa Kwesi Nduom, has reacted to the Supreme Court’s decision to suspend the execution of a Court of Appeal ruling that had cleared the way for GN Savings and Loans to resume operations.
In a Facebook post on Thursday, July 16, Dr Nduom wrote: “It takes huge ‘akokodur’ [courage] to start and keep running a business in this land.”
The post followed the Supreme Court’s decision to stay the execution of the Court of Appeal’s judgment, effectively putting on hold the earlier ruling that would have allowed GN Savings and Loans to restart operations.
The Supreme Court’s decision means the existing legal position remains in force until it determines the substantive issues before it.
The Court of Appeal had previously ruled in favour of GN Savings and Loans, a decision that would have enabled the company to resume operations after its licence was revoked during Ghana’s financial sector clean-up.
However, the Supreme Court’s latest ruling has suspended the implementation of that judgment pending the final determination of the case.
Although Dr Nduom did not directly refer to the court’s decision in his Facebook post, his comments came shortly after the ruling and have attracted attention amid the ongoing legal dispute.
GN Savings and Loans was among several financial institutions whose licences were revoked by the Bank of Ghana during the financial sector clean-up over regulatory and solvency concerns.
