Supreme Court halts order for restoration of GN Savings licence

The Supreme Court has stayed the execution of the Court of Appeal’s decision directing the Bank of Ghana (BoG) to restore the operating licence of GN Savings and Loans.

The ruling effectively suspends the enforcement of the Court of Appeal’s judgment, meaning GN Savings and Loans will not resume operations pending the determination of the Bank of Ghana’s appeal before the Supreme Court.

This follows an application filed by the Bank of Ghana challenging the Court of Appeal’s decision that restored the licence of GN Savings and Loans Company Limited.

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According to court documents, the central bank is seeking to overturn the appellate court’s decision, arguing that the Court of Appeal erred in law when it proceeded “to hear and determine the appeal filed by applicants to the Court of Appeal.”

It will be recalled that the Court of Appeal, on May 21, 2026, restored the licence of GN Savings and Loans after overturning an earlier High Court judgment that had upheld the revocation of the company’s licence during Ghana’s banking sector clean-up exercise.

The three-member panel of the Court of Appeal held that the revocation of the company’s licence was unfair and unreasonable.

However, the Bank of Ghana asked the Supreme Court to intervene, insisting that the Court of Appeal acted improperly in handling the appeal.

GN Savings and Loans, owned by Dr Papa Kwesi Nduom, has consistently maintained that the revocation of its licence was unlawful, unreasonable and malicious.

The legal dispute dates back to August 2019, when the Bank of Ghana, under former Governor Dr Ernest Addison, revoked the licences of several financial institutions as part of measures aimed at restructuring and sanitising the financial sector.

MAG/MA

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