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Claim: Social media users have been sharing posts claiming that Group Nduom (GN) Bank’s banking licence has been restored.
Verdict: False. There is no credible official confirmation that GN Bank’s licence has been restored. The claims circulating online are inaccurate. The Bank of Ghana has also refuted such claims.
Full Text
Social media posts claiming that the banking licence of Group Nduom (GN) Bank, owned by businessman Dr Papa Kwesi Nduom, has been restored have attracted significant online attention. In total, the posts have recorded over 200,000 views and more than 8,000 likes across platforms.
The claims appeared on social media accounts, including Facebook and X (formerly Twitter). On Facebook, a post by user Bongo Ideas carried the caption: “BREAKING: GN Bank’s Licence Restored.”
On X, the account @urbaninsight_ posted that “the banking licence of GN Bank, owned by Dr Papa Kwesi Nduom, has been reinstated, clearing the way for the institution to recommence operations after securing the necessary regulatory approval.”
Other X users, including @prime_rakon, have also published such claims.
The comment sections of these posts showed mixed reactions, with some users expressing excitement while others questioned the authenticity of the claims.
Verification
DUBAWA’s checks revealed that the claim emerged from an interview with the NDC Deputy National Communications Officer on Accra FM on February 4, 2025. In the interview, he stated that the government had restored the license and that the news would be released very soon.
“Dr Papa Kwesi Nduom has received his license. You will hear the news soon. As we pray for reduced unemployment in the country, the government has also promised not to be an obstacle to any businessman’s life.”
DUBAWA first reviewed the Bank of Ghana’s official list of licensed banks, published on the central bank’s website. The list currently contains 23 licensed banks; GN Bank is not included.
Also, the Bank of Ghana has denied the claims. In an interview with the Daily Graphic, Governor Dr Johnson Asiama said the licence would not be restored, explaining that “the matter had been conclusively settled by the Supreme Court, leaving no room for further regulatory or legal reconsideration.”
Further checks of the official communication channels of the Presidency, the Minister of Government Communications, Felix Kwakye Ofosu, and the Bank of Ghana revealed no announcement or statement indicating that GN Bank’s licence has been restored. Such a decision, if taken, would ordinarily be formally communicated to the public.
Additionally, no major media outlet in Ghana has reported on the alleged restoration. Given the significance of such a development, it would have attracted widespread coverage.
Historical Context
GN Bank was founded in 1997 by Dr Papa Kwesi Nduom and expanded rapidly as an indigenous bank serving largely underserved communities. Over time, the bank faced significant financial and governance challenges, including liquidity issues and rising non-performing loans.
During the financial-sector clean-up initiated by the Bank of Ghana in 2017, GN Bank failed to meet new capital requirements and was subsequently downgraded. In August 2019, the central bank revoked its licence, citing insolvency and persistent regulatory breaches.
GN Bank subsequently challenged the decision in court, arguing that the revocation was unfair. However, the revocation has not been overturned, and no court has ordered the automatic restoration of the bank’s licence. Since 2019, GN Bank has remained without a valid operating licence.
In June 2024, then-presidential candidate John Dramani Mahama pledged during his campaign to assess and, if elected, potentially restore collapsed banks and financial institutions. In July 2024, Dr Papa Kwesi Nduom, the bank’s owner, during a courtesy call, appealed to Mr Mahama to consider restoring GN Bank’s licence should he win the December 2024 elections. This remains the last publicly known development on the matter.
Can the license be restored?
Yes. That would only happen if GN Bank successfully appeals the Supreme Court’s decision and the courts rule in its favour. Until then, restoration cannot occur. However, the Bank of Ghana has already stated that banks whose licences were revoked can only be restored by a court order, and only where the institutions involved have active cases before the courts.
Conclusion
Claims circulating on social media that GN Bank’s licence has been restored are false. The bank remains unlicensed, and there has been no official announcement confirming any reinstatement. Any restoration would require a fresh regulatory process and explicit approval from the Bank of Ghana.
