BoG challenges Court of Appeal ruling restoring GN Savings Licence
The Bank of Ghana (BoG) has reportedly filed an application at the Supreme Court seeking to overturn the recent Court of Appeal ruling that restored the licence of GN Savings and Loans Company Limited.
According to court documents, the central bank is contesting the appellate court’s decision, arguing that the Court of Appeal erred in law by proceeding to hear and determine the appeal filed by the company.
The legal challenge follows the Court of Appeal’s judgment delivered on May 21, 2026, which overturned an earlier High Court ruling that had upheld the revocation of GN Savings and Loans’ licence during Ghana’s financial sector clean-up exercise.
A three-member panel of the Court of Appeal ruled that the revocation of the company’s licence was unfair and unreasonable, effectively restoring the company’s operating licence.
However, the Bank of Ghana is now seeking the intervention of the Supreme Court, insisting that the Court of Appeal acted improperly in handling the matter.
GN Savings and Loans, owned by Dr Papa Kwesi Nduom, has consistently argued that the revocation of its licence was unlawful, unreasonable and malicious.
The dispute dates back to August 2019 when the Bank of Ghana, under the leadership of former Governor Dr Ernest Addison, revoked the licences of several financial institutions as part of efforts to restructure and sanitise the banking and financial sector.
Following the Court of Appeal ruling, Groupe Nduom announced plans to resume operations of GN Savings and Loans before the end of 2026.
The Supreme Court is now expected to determine whether the Court of Appeal acted within the law in restoring the company’s licence.
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