The Court of Appeal’s decision to reinstate GN Savings and Loans Company Limited’s licence has been stopped by the Supreme Court.
The Supreme Court’s most recent ruling will be in effect until the matter’s substantive concerns are resolved.
GN Savings and Loans Company Limited will have to temporarily stop carrying out the Court of Appeal’s June orders as a result of this decision from the highest court.
In June 2026, the Court of Appeal unanimously reinstated GN Savings and Loans Company Limited’s licence.
That came after a three-member panel of the second-highest court overturned the High Court’s ruling, which had supported the license’s revocation on the grounds that it was unjustified and unfair.
The court mandated that the receiver give the company’s shareholders possession, management, and control over the assets as well as other activities.
GN Bank Limited was renamed GN Savings and Loans Company Limited on January 4, 2019, after being classed as a savings and loans company.
In an effort to clean up the banking industry, the Bank of Ghana (BoG), then led by Dr. Ernest Addison, revoked GN Savings and Loans Company Limited’s operating licence seven months later on August 16, 2019, and named Eric Nana Nipah as Receiver.
In the same month, GN Savings and Loans Company Limited’s owners, Groupe Nduom, under the leadership of Dr. Papa Kwesi Nduom, contested the license’s revocation in the Accra High Court.
The application against the Bank of Ghana, the Attorney General, and the Receiver of the savings and loan firms asked the High Court to overturn the BoG’s decision to cancel GN Savings and Loans’ licence, claiming that the action violated his fundamental human rights.
In its ruling, the court, which was presided over by Justice Gifty Addo Adjei, stated that the Central Bank was correct to cancel the third respondent’s licence since it had become clear that its inadequate governance structures prevented it from fulfilling its debt commitments.
Attorneys for the BoG first objected to the application on the grounds that the High Court’s authority had been improperly exercised.
Dr. Nduom’s attorney, Dr. Justice Srem Sai, claimed that the BoG and its agent, which included the savings and loan businesses’ receiver, had violated his human rights.
The attorneys for the Central Bank and the Attorney General said that because banking revocation cases were supposed to be arbitrated at the Arbitration Center, the court’s authority had been improperly invoked.
However, GN Savings and Loans’ attorney at the time, Justice Srem Sai, disagreed with this claim.
Source: newsthemegh.com