Supreme Court Suspends GN Savings and Loans Licence Restoration
Apex court suspends enforcement of Court of Appeal’s June ruling that restored the company’s operating licence pending final determination of the case
- Supreme Court suspends GN Savings and Loans licence restoration
- Court of Appeal’s order restoring licence temporarily halted
- Final decision pending determination of substantive issues
The Supreme Court has suspended the execution of the Court of Appeal’s decision that restored the operating licence of GN Savings and Loans Company Limited.
The latest order from the apex court will remain in effect until the final determination of the substantive issues before it. This means GN Savings and Loans Company Limited will temporarily halt the enforcement of the orders issued by the Court of Appeal in June 2026.
In June 2026, the Court of Appeal unanimously restored the licence of GN Savings and Loans Company Limited after overturning the High Court’s decision that had upheld the revocation of the licence.
A three-member panel of the Court of Appeal ruled that the revocation of the licence was unfair and unreasonable and ordered the Receiver to hand over possession, management, and control of the company’s assets and operations to the shareholders.
On January 4, 2019, GN Bank Limited was reclassified as a savings and loans company and renamed GN Savings and Loans Company Limited.
However, on August 16, 2019, the Bank of Ghana (BoG), under then Governor Dr Ernest Addison, revoked the company’s operating licence and appointed Eric Nana Nipah as Receiver as part of the banking sector clean-up exercise.
The decision was challenged in court by Groupe Nduom, the owners of GN Savings and Loans Company Limited, led by Dr Papa Kwesi Nduom.
The company argued that the revocation violated its fundamental human rights and asked the High Court in Accra to reverse the BoG’s decision.
However, the High Court ruled that the Bank of Ghana acted within its mandate, stating that the company was unable to meet its financial obligations due to governance and liquidity challenges.
The court held that the revocation was lawful and that no illegality was committed by the Central Bank.
Dr Nduom and his legal team later appealed the High Court’s decision, leading to the Court of Appeal ruling that restored the company’s licence.
The matter is now before the Supreme Court, which has placed a temporary hold on the restoration order pending the final determination of the case.
