馃嚞馃嚟GhanaWest Africa
Supreme Court halts order for restoration of GN Savings licence
via GhanaWeb5 min read
The Supreme Court has stayed the execution of a Court of Appeal decision that had directed the Bank of Ghana BoG to restore the operating licence of GN Savings and Loans. This ruling means GN Savings and Loans will not resume operations while the Bank of Ghana's appeal is pending before the Supreme Court. The BoG filed an application challenging the Court of Appeal's decision, arguing that the appellate court erred in law by proceeding to hear and determine the appeal. On May 21, 2026, the Court of Appeal had restored GN Savings and Loans' licence, overturning a High Court judgment that upheld the revocation of the company's licence during Ghana's banking sector clean-up exercise. The Court of Appeal's three-member panel had deemed the revocation unfair and unreasonable. 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 originated in 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 the financial sector.
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This summary was AI-generated from a story originally published by GhanaWeb.
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