The Bank of Ghana (BoG) is awaiting legal guidance from its external counsel and the Receiver of the defunct financial institution before determining its next steps. This follows a unanimous Court of Appeal ruling on May 21, 2026, which ordered the restoration of GN Savings and Loans Company Limited’s licence and overturned a previous High Court decision that had upheld the revocation.
The appellate court further directed the Receiver to return possession, management, and control of the company’s assets and operations to its shareholders. According to JOYBUSINESS, while the BoG has requested a copy of the ruling, any decision on whether to comply with or challenge the judgment will hinge on advice from its external lawyers, who handled the case, and input from the Receiver.
The Receiver’s advice is expected to focus on the wider implications the ruling could have on other financial institutions affected by the banking sector clean-up exercise. There are also considerations being weighed on how the judgment could impact previously revoked licences if the decision is allowed to stand.
Earlier reports had suggested that the central bank was preparing to proceed to the Supreme Court to challenge the ruling. However, it is now unclear whether that option remains under active consideration. Sources indicate that the Bank of Ghana may issue an official position on the matter later today or in the coming days.
The Court of Appeal ruling marks a major twist in a long-running legal battle over the fate of GN Savings and Loans, which was originally part of the banking sector clean-up exercise. Banking consultant Nana Otuo Acheampong has said he expects the Bank of Ghana to escalate the matter to the Supreme Court, noting the complexity and length of litigation surrounding the sector’s restructuring.
He observed that multiple court cases have been filed over the years regarding the clean-up exercise, making it unlikely that the issue would end at the Court of Appeal. He also noted that the Bank of Ghana acted under the legal framework governing the financial sector clean-up at the time.
Meanwhile, President of Groupe Nduom, Dr Papa Kwesi Nduom, has indicated that GN Savings and Loans is preparing for a phased return to operations, beginning with its first branch in Elmina. He said the reopening will be gradual and structured across the country, stressing that the revival will follow a “calculated, step-by-step restoration strategy.”
“The first branch we will reopen will be in Elmina, and then from here on, step by step, we will get those branches opened over a period of time,” Dr Nduom said. On January 4, 2019, GN Bank Limited was reclassified as a savings and loans company and renamed GN Savings and Loans Company Limited.
On August 16, 2019, the Bank of Ghana revoked its licence and appointed a Receiver as part of the financial sector clean-up exercise, triggering legal action by Groupe Nduom challenging the decision in court.
Source: Joy Business
