Supreme Court halts ruling restoring GN Savings and Loans' licence

The Supreme Court has stayed the execution of a Court of Appeal judgment that ordered the restoration of the operating licence of GN Savings and Loans Ltd, pending the determination of an appeal filed by the Bank of Ghana (BoG).

The order means the Court of Appeal’s decision will not take effect until the Supreme Court delivers its final determination on the matter.

The development follows an appeal by the Bank of Ghana against the appellate court’s decision, which directed the central bank to reinstate the licence of GN Savings and Loans after it was revoked during the financial sector clean-up exercise.

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With the Supreme Court’s latest directive, the status quo remains unchanged while the appeal is heard and determined.

The case is expected to resolve whether the Bank of Ghana acted lawfully in revoking the company’s licence and whether the Court of Appeal’s decision to restore it should stand.

On May 21, 2026, the Court of Appeal restored the licence of GN Savings and Loans after overturning an earlier High Court decision that had upheld the revocation.

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

However, the Bank of Ghana challenged the decision at the Supreme Court, arguing that the Court of Appeal erred in its handling of the matter.

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 to restructure and sanitise the financial sector.

MA