The Court of Appeal has in a unanimous decision, restored the licence of GN Savings and Loans Company Limited.

According to a report by graphic.com.gh on Thursday, May 21, 2026, the Court of Appeal reached its decision after a three-member panel set aside the ruling of the High Court, which had earlier upheld the revocation of the licence.

The appellate court held that the revocation was unfair and unreasonable, leading to the restoration of the licence.

By the judgment, the Court of Appeal quashed both the decision to revoke the licence and the ruling of the High Court which had upheld the revocation.

The court further ordered the receiver to hand over possession, management, and control of the company’s assets and all related operations to the shareholders of the company.

On January 4, 2019, GN Bank Limited was downgraded and reclassified as a savings and loans company, leading to its renaming as GN Savings and Loans Company Limited.

Seven months later, on August 16, 2019, the Bank of Ghana, then under the leadership of Dr Ernest Addison, revoked the company’s operating licence as part of the banking sector clean-up exercise. The regulator also appointed Eric Nana Nipah as receiver to take charge of the institution.

Papa Kwesi Nduom rebuts reports BoG has ruled out GN Bank license restoration

Later that month, Groupe Nduom, owners of GN Savings and Loans led by Dr Papa Kwesi Nduom, filed a suit at the High Court in Accra challenging the revocation. They described the decision as unlawful, malicious, and unreasonable.

On January 24, 2024, however, the High Court, presided over by Justice Gifty Addo Adjei, ruled in favour of the Bank of Ghana.

The court found that governance weaknesses had left the company unable to meet its debt obligations and held that it failed to prove it was solvent at the time its licence was revoked.

The court further ruled that the Bank of Ghana acted within the law and did not act unfairly or illegally, noting that its intervention was consistent with Article 130 of the 1992 Constitution.

It also dismissed claims of discrimination, stating that other financial institutions affected by the banking sector reforms were treated under similar regulatory actions.

MAG/VPO