GN Savings accepts Supreme Court order suspending licence reinstatement

GN Savings and Loans has accepted the Supreme Court’s decision to suspend the enforcement of a Court of Appeal ruling that ordered the reinstatement of its banking licence.

The company says it respects the court’s decision and will await the final determination of the case, while remaining confident that it will succeed in the substantive appeal.

The Supreme Court’s ruling temporarily halts the implementation of the Court of Appeal’s judgment, which had directed the restoration of GN Savings’ licence and the return of control over the company’s assets and management to its shareholders.

The legal dispute stems from the Bank of Ghana’s 2019 decision to revoke the licences of several financial institutions, including GN Savings, as part of the country’s financial sector clean-up exercise. Following the revocation, the central bank appointed a receiver to oversee the company’s affairs.

GN Savings challenged the decision in court, arguing that the revocation of its licence was unlawful.

In January 2024, the High Court upheld the Bank of Ghana’s decision. However, the company appealed the ruling, and in May 2026, the Court of Appeal overturned the High Court’s judgment and ordered that GN Savings’ licence be reinstated.

Reacting to the latest Supreme Court ruling, Groupe Nduom spokesperson Kweku Atta Boadi acknowledged the company’s disappointment but stressed that it would abide by the court’s directive as the legal process continues.

He reiterated the company’s confidence that it will ultimately prevail when the Supreme Court delivers its final judgment on the matter.

Prince Antwi

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