Legal Counsel for GN Savings and Loans, Cletus Alengah, has affirmed that the company is prepared to resume full operations following the Court of Appeal’s decision to reinstate its operating licence. He noted that the institution has consistently maintained its solvency and readiness to operate despite the licence revocation during the banking sector clean‑up.
Speaking on Channel One’s Newsroom after the ruling, Mr. Alengah said the company will work closely with the Bank of Ghana to ensure the smooth restoration of its assets and resume operations “as quickly as possible.” He emphasised, “Our clients have always been prepared to run this savings and loans company, which is why they pursued the case to its logical conclusion. From the day the licence was revoked, they have consistently insisted on their solvency.
“They are very ready and willing to work with the Bank of Ghana to ensure the savings and loans company returns to full operation. Our clients are willing to get back to full operation as quickly as possible,” he said.
His comments follow a major ruling by the Court of Appeal ordering the Bank of Ghana to restore the licence of GN Savings and Loans, overturning an earlier High Court judgment that upheld the revocation of the company’s operating licence.
The three-member panel also directed that all assets of the company be returned to its original owners and ordered the Receiver to hand over management of the institution to its former management team. The ruling marks a significant development in the prolonged legal battle between GN Savings and Loans and the Bank of Ghana over the controversial financial sector clean-up exercise initiated in 2018.
GN Savings and Loans was reclassified as a savings and loans company on January 4, 2019, before being renamed GN Savings and Loans Company Limited. However, on August 16, 2019, under the tenure of former Bank of Ghana Governor Dr Ernest Addison, the central bank revoked the company’s licence and appointed Eric Nana Nipah as Receiver.
The owners of the company, led by Dr Papa Kwesi Nduom, challenged the decision at the High Court on August 30, 2019, describing the revocation as unlawful, malicious and unreasonable. On January 24, 2024, the High Court, presided over by Justice Gifty Addo Adjei, ruled in favour of the Bank of Ghana.
GN Savings and Loans subsequently appealed the ruling, arguing that the revocation breached existing laws, leading to the latest Court of Appeal judgment in its favour.
Source: Juliana Odame Asare
