Supreme Court Halts Court of Appeal Order to Restore GN Savings and Loans Licence
- The Supreme Court has suspended the Court of Appeal's ruling that ordered the restoration of GN Savings and Loans' operating licence
- The Bank of Ghana filed an appeal against the Court of Appeal's May 21 ruling, which had unanimously overturned the revocation of the licence
- The Court of Appeal had directed the appointed receiver to hand all assets and operations back to shareholders of GN Savings and Loans
Ghana's Supreme Court has placed the Court of Appeal's ruling on the restoration of GN Savings and Loans Company Limited's operating licence on hold, pending the outcome of an appeal lodged by the Bank of Ghana.
The development was disclosed in a news card shared on Instagram by TV3 Ghana on Thursday, July 14, 2026.
Source: Facebook
Court of Appeal's ruling on GN Bank
The Court of Appeal had, on May 21, 2026, unanimously overturned the decision to revoke the licence of GN Savings and Loans, a financial institution owned by Ghanaian businessman and politician Dr Papa Kwesi Ndoum.
The three-member appellate panel concluded that the original revocation of the licence by the Bank of Ghana was both unfair and unreasonable and therefore could not be sustained under law.
In doing so, the appellate court set aside both the Bank of Ghana's revocation decision and a prior High Court ruling in Accra that had upheld it.
The court further directed the receiver appointed to oversee the company to relinquish possession, control and management of all assets and operations to the shareholders of GN Savings and Loans.
Supreme Court intervenes
With the Supreme Court now suspending that ruling, the restoration of the licence cannot take effect until the apex court has fully determined the Bank of Ghana's appeal.
The stay effectively preserves the status quo while the matter is heard at the highest judicial level.
Read the IG post below:
Background to the banking sector clean-up
GN Savings and Loans was among several financial institutions whose licences were revoked during Ghana's banking sector clean-up exercise, a government-led intervention that began in 2017 and resulted in the closure of numerous banks and specialised deposit-taking institutions amid concerns over insolvency and regulatory non-compliance.
On January 4, 2019, GN Bank Limited was downgraded and reclassified as a savings and loans institution, subsequently operating as GN Savings and Loans Company Limited.
In August 2019, the Bank of Ghana, under the leadership of Ernest Addison, revoked the company’s licence as part of the broader financial sector clean-up. A receiver, Eric Nana Nipah, was appointed to take over its operations.
Following the revocation, Groupe Nduom, led by businessman and politician Papa Kwesi Nduom, challenged the decision at the High Court in Accra.
However, on January 24, 2024, the High Court upheld the Bank of Ghana’s decision to revoke the licence.
That ruling was subsequently appealed, culminating in the Court of Appeal’s decision to overturn it and restore the company’s licence.
Dr Papa Kwesi Ndoum visits Mahama
Earlier, YEN.com.gh reported that the management of GN Bank led by its founder, Dr Papa Kwesi Nduom paid a courtesy call on former president Mahama at his Cantonment office in Accra.
At the visit, Dr Nduom petitioned the former president, who is running for the presidential election, to restore the license of his GN Bank if elected as in the December polls.
This meeting attracted reactions from Ghanaians on social media as they shared varied views.
Source: YEN.com.gh
