The Court of Appeal has unanimously ordered the restoration of the operating licence of GN Savings and Loans Company Limited, overturning earlier rulings that validated its revocation.
In a decision delivered on Thursday, May 21, 2026, a three-member panel set aside the judgment of the High Court which had upheld the Bank of Ghana’s (BoG) decision to revoke the firm’s licence.
The appellate court held that the revocation was unfair and unreasonable, effectively nullifying both the regulator’s action and the earlier High Court affirmation.
By this ruling, the Court of Appeal quashed the decision to revoke the licence as well as the High Court’s January 24, 2024 judgment that supported it.
The court further directed the Receiver to immediately hand over possession, management and control of the company’s assets and operations to its shareholders.
GN Bank Limited was reclassified as a savings and loans company on January 4, 2019, and subsequently renamed GN Savings and Loans Company Limited as part of sector reforms at the time.
However, barely seven months later, on August 16, 2019, the Bank of Ghana, under then Governor Dr Ernest Addison, revoked the company’s operating licence. The central bank appointed Eric Nana Nipah as Receiver, citing regulatory breaches as part of a broader financial sector clean-up exercise.
In response, Groupe Nduom — the owners of GN Savings and Loans Company Limited — led by Dr Papa Kwesi Nduom, challenged the decision in the High Court in Accra later that same month.
After years of legal battle, the High Court, presided over by Justice Addo, ruled on January 24, 2024 in favour of the Bank of Ghana, upholding the revocation of the licence.
Dissatisfied with the outcome, the shareholders proceeded to the Court of Appeal. The appellate court has now reversed the High Court’s decision, concluding that the earlier ruling and the regulator’s action could not stand.
By: Emmanuel Botsoe / businesspostonline
