Banking consultant Dr. Richmond Atuahene has described the Supreme Court’s eventual ruling in the dispute between the Bank of Ghana and GN Savings and Loans as likely to be a landmark decision shaping the future of banking regulation and licence revocations in Ghana. His remarks follow the apex court’s decision to grant the central bank’s application to stay the execution of a Court of Appeal judgment that had ordered the reinstatement of GN Savings and Loans’ operating licence, pending determination of the appeal.
Speaking to Citi Business News, Dr. Atuahene noted that halting the reinstatement was expected, adding that the Supreme Court’s final judgment should provide long‑awaited clarity on the scope of the Bank of Ghana’s powers and help resolve lingering issues from the financial sector clean‑up.
‘I believe the Supreme Court’s decision will serve as a landmark resource for the financial sector and go a long way to settle outstanding matters that have persisted since the 2019 financial crisis,’ he said. According to him, the judgment should also provide clearer guidance on how the Bank of Ghana exercises its regulatory mandate, particularly in licence revocation cases.
“It will help us to ensure that the Bank of Ghana’s regulatory powers have to be strengthened very well. And also, to ensure that before such decisions are taken on revocation of licences, they might have taken all the possible actions or possible assistance and strategies to be able to do that,” he added.
He, however, urged both parties to await the Supreme Court’s final determination, noting that the apex court’s verdict will be decisive in settling one of the most significant legal disputes to emerge from Ghana’s financial sector clean-up programme. “Everybody would have to stay calm and wait for a decision, so that nobody preempts what the Supreme Court is going to do.”
Beyond the court battle, Dr. Atuahene urged policymakers to strengthen Ghana’s Deposit Insurance Scheme to better protect depositors during future banking crises.
He argued that the country’s current “pay-box” model should evolve into a more comprehensive insurance framework similar to those adopted in jurisdictions such as Nigeria, reducing the financial burden on the state whenever financial institutions fail.
Source: Emmanuel Oppong
