The Bank of Ghana has reportedly filed an application at the Supreme Court challenging the recent Court of Appeal ruling that restored the licence of GN Savings and Loans Company Limited.

According to court documents, the central bank is seeking to overturn the Court of Appeal’s decision, arguing that the appellate court erred in law when it proceeded “to hear and determine the appeal filed by applicants to the Court of Appeal.”

The latest development follows the Court of Appeal’s ruling on May 21, 2026, which restored the licence of GN Savings and Loans after overturning an earlier High Court judgment that had upheld the revocation of the company’s licence during Ghana’s banking sector clean-up exercise.

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The three-member panel of the Court of Appeal held that the revocation of the company’s licence was unfair and unreasonable.

However, the Bank of Ghana is now asking the Supreme Court to intervene, insisting that the Court of Appeal acted improperly in handling the appeal.

GN Savings and Loans, owned by Dr Papa Kwesi Nduom, has consistently maintained that the revocation of its licence was unlawful, unreasonable, and malicious.

The legal dispute dates back to August 2019 when the Bank of Ghana, under former Governor Dr Ernest Addison, revoked the licences of several financial institutions as part of measures aimed at restructuring and sanitising the financial sector.

Following the Court of Appeal ruling, Groupe Nduom has announced plans to resume operations of GN Savings and Loans before the end of 2026.

The Supreme Court is expected to determine whether the Court of Appeal acted within the law in restoring the company’s licence.

COURT UPDATE

Bank of Ghana has filed at the Supreme Court challenging ruling of Court of Appeal to restore license of GN Savings and Loans

BOG says Court of Appeal erred in law when it went ahead "to hear and determine the appeal filed by applicants to the Court of Appeal"

— Austine (@obiMpenaAustine) May 27, 2026