The Supreme Court has suspended the implementation of a Court of Appeal ruling that restored the operating licence of GN Savings and Loans Company Limited.
The apex court’s stay of execution will remain in force until it delivers a final decision on the substantive appeal before it. As a result, GN Savings and Loans cannot, for now, enforce the Court of Appeal’s orders that sought to reinstate the company and return control of its operations to its shareholders.
In May 2026, a three-member panel of the Court of Appeal unanimously overturned an earlier High Court decision that had upheld the revocation of the company’s licence. The appellate court ruled that the Bank of Ghana’s decision was unfair and unreasonable and ordered the appointed receiver to hand over the company’s assets, management, and operations to its shareholders.
The dispute dates back to January 4, 2019, when GN Bank Limited was reclassified as GN Savings and Loans Company Limited. On August 16, 2019, the Bank of Ghana, under then-Governor Dr. Ernest Addison, revoked the company’s licence as part of the country’s banking sector clean-up exercise and appointed Eric Nana Nipah as receiver.
Following the revocation, Groupe Nduom, led by Dr. Papa Kwesi Nduom, filed a legal challenge at the High Court, arguing that the Bank of Ghana’s decision violated the company’s constitutional rights and was unlawful.
However, the High Court dismissed the application, ruling that the Central Bank acted within its legal mandate. Justice Gifty Addo Adjei held that GN Savings and Loans had failed to demonstrate that it was solvent and capable of meeting its financial obligations at the time its licence was revoked.
The court further ruled that allegations of unfairness, bad faith, discrimination, and breaches of administrative justice lacked merit. It maintained that the Bank of Ghana acted reasonably and lawfully in response to the company’s liquidity challenges and that other financial institutions were subjected to similar regulatory actions during the banking sector reforms.
Dissatisfied with the High Court’s decision, Dr. Nduom, represented by lawyer Cletus Alengah, appealed to the Court of Appeal, which ruled in his favour in May 2026.
The latest intervention by the Supreme Court means the Court of Appeal’s judgment has been put on hold pending the final determination of the case, leaving the future of GN Savings and Loans Company Limited to be decided by the country’s highest court.
