BoG Weighs Next Move After Court Orders Restoration of GN Savings Licence

The Bank of Ghana (BoG) says it is awaiting legal advice before deciding its next move following a Court of Appeal ruling that ordered the reinstatement of GN Savings and Loans Company Limited’s licence.

The central bank is expected to consult its external lawyers and the Receiver of the defunct institution before determining whether to comply with the judgment or challenge it further.

The ruling, delivered unanimously by the Court of Appeal on May 21, 2026, overturned an earlier High Court decision that had supported the Bank of Ghana’s revocation of GN Savings and Loans’ licence. The court also instructed the Receiver to return control of the company’s assets, operations, and management to its shareholders.

According to JoyBusiness sources, the Bank of Ghana has already requested a copy of the judgment. However, any action it takes will depend heavily on legal guidance from the lawyers who handled the case and recommendations from the Receiver.

The Receiver is expected to assess the broader impact the ruling could have on other financial institutions affected by the banking sector clean-up exercise. Concerns are also being raised about how the decision could influence other revoked licences if the judgment remains unchanged.

Although earlier reports suggested the central bank was preparing to appeal to the Supreme Court, it is now uncertain whether that option is still being pursued actively.

Sources indicate the Bank of Ghana could release an official statement on the matter either later today or within the next few days.

The Court of Appeal’s decision represents a significant development in the long-standing legal dispute surrounding GN Savings and Loans, which was affected by Ghana’s financial sector clean-up programme.

Banking consultant Nana Otuo Acheampong believes the Bank of Ghana is likely to take the matter to the Supreme Court because of the complex and prolonged litigation linked to the sector reforms.

He noted that several legal cases have emerged over the years concerning the clean-up exercise, making it unlikely that the matter would conclude at the Court of Appeal stage. He also pointed out that the Bank of Ghana acted within the legal framework governing the financial sector reforms at the time.

Meanwhile, President of Groupe Nduom, Papa Kwesi Nduom, says GN Savings and Loans is preparing for a phased return to operations, beginning with the reopening of its Elmina branch.

According to Dr Nduom, the company intends to reopen branches gradually across the country through what he described as a “calculated, step-by-step restoration strategy.”

GN Bank Limited was reclassified as a savings and loans company on January 4, 2019, and renamed GN Savings and Loans Company Limited. Later, on August 16, 2019, the Bank of Ghana revoked its licence and appointed a Receiver as part of the financial sector clean-up exercise, prompting legal action from Groupe Nduom.