Court of Appeal orders BoG to restore GN Bank licence
The Court of Appeal has unanimously restored the operating licence of GN Savings and Loans Company Limited, overturning earlier decisions that upheld its revocation.
According to a report by graphic.com.gh on Thursday, May 21, 2026, a three-member panel of the appellate court set aside a High Court ruling which had previously supported the Bank of Ghana’s decision to revoke the licence.
The Court of Appeal held that the revocation was unfair and unreasonable, and consequently quashed both the regulator’s decision and the High Court judgment that affirmed it.
The court further ordered the receiver to immediately hand over possession, management and control of the company’s assets and operations back to its shareholders.
GN Bank Limited was first downgraded on January 4, 2019, and reclassified as GN Savings and Loans Company Limited as part of regulatory changes within Ghana’s financial sector reforms.
Later, on August 16, 2019, the Bank of Ghana, under then-Governor Dr Ernest Addison, revoked the company’s licence as part of the banking sector clean-up exercise and appointed a receiver to take over its operations.
Following the revocation, Groupe Nduom—owners of GN Savings and Loans led by Papa Kwesi Nduom—filed a suit at the High Court in Accra challenging the decision, describing it as unlawful and unreasonable.
However, on January 24, 2024, the High Court ruled in favour of the Bank of Ghana, holding that the institution’s financial position and governance challenges justified the regulator’s actions.
The court found that the company had failed to demonstrate solvency at the time of the licence revocation and held that the Bank of Ghana acted within its legal mandate under Article 130 of the 1992 Constitution.
It also dismissed allegations of discrimination, stating that similar regulatory actions were taken against other distressed financial institutions during the banking sector clean-up.
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