The Supreme Court has granted the Bank of Ghana’s application to suspend the enforcement of a Court of Appeal judgment ordering the restoration of GN Savings and Loans Limited’s operating licence.
The ruling means the Court of Appeal’s decision will not take effect until the Supreme Court hears and determines the central bank’s substantive appeal.
The Bank of Ghana appealed after the Court of Appeal in June 2026 ordered it to reinstate GN Savings’ licence, which had been revoked during the financial sector clean-up exercise.
By granting the stay of execution, the Supreme Court has maintained the status quo, leaving GN Savings unable to resume operations under the Court of Appeal’s ruling pending the final determination of the case.
The outcome of the appeal is expected to clarify the scope of the Bank of Ghana’s statutory powers to revoke licences and the legal framework governing regulatory actions in the financial sector.
GN Savings was among several financial institutions whose licences were revoked during the banking sector reforms launched between 2017 and 2019 to strengthen financial stability, protect depositors and address insolvency, weak corporate governance and regulatory breaches.
Following the revocation, the company challenged the decision in court, culminating in the Court of Appeal’s ruling in its favour. However, the central bank subsequently appealed to the Supreme Court, arguing that the appellate court’s decision should not be enforced until the merits of the case are finally determined.
With the stay now in place, the existing legal position remains unchanged until the Supreme Court delivers its final judgment.
Source: businesspostonline
