“For I know the plans I have for you, says the Lord, plans to prosper you and not to harm you, plans to give you hope and a future.” - Jeremiah 29:11.

These were the words shared by businessman and politician Dr Papa Kwesi Nduom after the Court of Appeal on Thursday ruled in his favour in a legal battle linked to his defunct GN Savings and Loans.

Following the ruling, Dr Nduom took to Facebook to express optimism about the future, signalling what appeared to be a renewed determination after nearly seven years of legal disputes surrounding the collapsed bank.

“We will be hitting the road very soon. Time to fix what’s broken and start work,” he wrote.

The post was accompanied by a photograph of Dr Nduom dressed in customised GN Bank attire alongside President John Dramani Mahama and his wife.

READ ALSO: Court of Appeal restores license of GN Savings and Loans

The Court of Appeal’s decision marks a significant development in the prolonged legal proceedings involving the founder and former Chief Executive Officer of GN Bank, whose banking operations were affected during Ghana’s financial sector clean-up exercise seven years ago.

Before the court ruling, he had earlier posted on Facebook,"We are ready to go back to work."

Background

On January 4, 2019, GN Bank Limited was reclassified as a savings and loans company and consequently renamed GN Savings and Loans Company Limited.

Seven months later, on August 16, 2019, the BoG, then under the leadership of Dr Ernest Addison, revoked the operating licence of GN Savings and Loans Company Limited and appointed Eric Nana Nipah as Receiver as part of the banking sector clean-up exercise.

The same month, Groupe Nduom, owners of GN Savings and Loans Company Limited, led by Dr Papa Kwesi Nduom, challenged the revocation of the licence in the High Court in Accra.

On January 24, 2024, Justice Addo upheld the revocation of the licence.

It is this judgment of the High Court which owners of GN Savings and Loans Company Limited, led by Dr Papa Kwesi Nduom, challenged that has been quashed.