BoG denies reports of GN Bank licence restoration
6th February 2026
The Bank of Ghana (BoG) has dismissed claims that it has restored the banking licence of GN Bank, insisting that the institution’s licence revocation remains final.
According to the Governor of the Bank of Ghana, Dr Johnson Asiama, the matter has already been conclusively determined by the Supreme Court, leaving no room for further regulatory or legal review.
His clarification follows social media reports suggesting that the central bank had reinstated GN Bank’s operating licence.
In an interview with Graphic Online, Dr Asiama defended the decision to downgrade GN Bank to GN Savings and Loans Company Limited before eventually revoking its licence in 2019, stressing that the action was taken in line with regulatory requirements.
“There is a Supreme Court ruling on that matter, and even the review failed. So nothing can be done,” he said. “However, we are open to considering applications for a new licence from individuals who are not connected to the directors of the defunct GN Savings and Loans Company Limited.”
GN Bank’s licence was revoked in 2019 as part of the Bank of Ghana’s financial sector clean-up exercise aimed at safeguarding depositors’ funds and strengthening the stability of the banking system.
The central bank cited persistent regulatory breaches, including weaknesses in capital adequacy, liquidity management, and risk control systems, which severely undermined the institution’s ability to operate effectively.
The collapse of GN Bank and its successor entity formed part of a wider reform that saw the withdrawal of licences from several commercial banks, savings and loans companies, and microfinance institutions across the country.