Receiver's stay application struck out in GN Savings and Loans case

GN Savings and Loans has moved a step closer to resuming operations after the Court of Appeal struck out a Motion for Stay of Execution filed by the Receiver, clearing a major legal obstacle to the restoration of the company’s licence and management control.

According to a report by adomfmonline.com, the ruling, which was delivered on Tuesday, June 16, 2026, has cleared the way for the enforcement of an earlier Court of Appeal decision that ordered the reinstatement of the company’s operating licence and the return of its assets to its original owners.

Speaking shortly after the ruling, lead counsel for Groupe Nduom, Cletus Alengah, described the decision as a significant milestone in efforts to restore the company.

He said the ruling firmly places GN Savings and Loans on course toward resuming operations, adding that management will continue engaging relevant stakeholders to ensure a smooth and orderly transition of assets as preparations for reopening progress.

The decision follows a landmark ruling on May 21, 2026, when a three-member panel of the Court of Appeal unanimously overturned a High Court decision and quashed the 2019 revocation of GN Savings and Loans licence.

The appellate court subsequently ordered the immediate restoration of the company’s operating license and directed that all assets and management control be returned to its original owners.

In response, the Receiver filed a Motion for Stay of Execution seeking to suspend the enforcement of the judgment pending further legal proceedings. However, the Court of Appeal’s decision to strike out the application means the restoration orders remain valid, binding, and enforceable.

GN Savings and Loans license restored

The ruling is expected to accelerate preparations by management to restart operations.

While acknowledging the financial and human impact of the prolonged closure, Dr Papa Kwesi Nduom and his team say reopening plans are already being implemented in phases, beginning with the institution’s historic branch in Elmina.

JKB/VPO