The Supreme Court has stayed the enforcement of the Court of Appeal’s decision restoring the licence of GN Savings and Loans Company Limited pending the final determination of the case.
The ruling means GN Savings and Loans cannot enforce the Court of Appeal’s May 2026 judgment, which restored its operating licence and directed the receiver to hand over the company’s assets, management and operations to its shareholders.
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The Court of Appeal had unanimously overturned an earlier High Court decision that upheld the Bank of Ghana‘s revocation of the company’s licence, ruling that the central bank’s action was unfair and unreasonable.
GN Savings and Loans, formerly GN Bank, was reclassified as a savings and loans company in January 2019 before the Bank of Ghana revoked its licence in August 2019 as part of the banking sector clean-up exercise.
Following the revocation, Groupe Nduom challenged the decision in court, arguing that it was unlawful and violated its rights. The High Court, however, ruled in favour of the Bank of Ghana, holding that the company was insolvent and unable to meet its debt obligations.
The Supreme Court’s latest order will remain in force until it delivers a final judgment on the substantive issues before it.
