Businessman and founder of Groupe Nduom, Dr Papa Kwesi Nduom, has reacted to the Supreme Court’s decision to suspend the Court of Appeal ruling that had cleared the way for GN Savings and Loans to resume operations.

In a brief 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 comes shortly after the Supreme Court stayed the execution of the Court of Appeal’s judgment, effectively putting on hold the earlier decision that had paved the way for GN Savings and Loans to restart operations.

The latest ruling means the status quo remains until the Supreme Court determines the substantive issues before it.

The Court of Appeal had earlier ruled in favour of GN Savings and Loans, a decision widely seen as a significant victory for the financial institution after the revocation of its licence during the banking sector clean-up.

However, the Supreme Court has now suspended that ruling, delaying the company’s planned return to business.

Although Dr Nduom did not directly mention the court’s decision in his Facebook post, his message has drawn attention amid the ongoing legal battle over GN Savings and Loans.

GN Savings and Loans was among several financial institutions affected by Ghana’s financial sector reforms, which saw the Bank of Ghana revoke the licences of a number of banks, savings and loans companies, and microfinance institutions over regulatory and solvency concerns.