The Bank of Ghana (BoG) has filed an appeal at the Supreme Court challenging the decision of the Court of Appeal directing it to restore the operating licence of GN Savings and Loans Limited.
The central bank, according to JoyNews, is asking the apex court to set aside the decision on the grounds that the Court of Appeal erred in law when it proceeded to hear and determine the appeal filed by the applicants, Dr. Papa Kwesi Nduom, Coconut Grove Beach Resort, and Group Nduom Limited.
According to the appeal, Group Nduom and the other applicants failed to comply with an earlier mandatory provision under the Court of Appeal Rules, 1997 (C.I. 19, as amended), which stipulates that particulars of an alleged error of law must be clearly stated in a notice of appeal.
The central bank has also cited several aspects of the Court of Appeal’s decision which it described as errors in law, strengthening its case against the order directing it to restore the operating licence of GN Savings and Loans.
BoG further raised serious concerns about the Court of Appeal’s judgment regarding its alleged failure to consider the report of the advisor it appointed before revoking the licence of GN Savings and Loans.
The central bank is therefore seeking an order from the Supreme Court setting aside the Court of Appeal’s decision and restoring the earlier High Court judgment which affirmed the revocation of the operating licence of GN Savings and Loans.
Court of Appeal Order
The Court of Appeal on May 21, 2026, ordered the Bank of Ghana to restore the operating licence of GN Savings and Loans Limited after upholding an appeal against a High Court decision which had affirmed the central bank’s 2019 action.
The appellate court also directed the BoG to return all assets to GN Savings and Loans, while the receiver was ordered to hand over management of the company to its previous managers.
A three-member panel of the court issued the order after overturning a 2020 High Court ruling which held that the BoG’s revocation of the company’s operating licence was neither illegal nor discriminatory.
GN Bank was reclassified as a savings and loans company on January 4, 2019, and subsequently renamed GN Savings and Loans Company Limited.
However, on August 16, 2019, the Bank of Ghana revoked the company’s operating licence on grounds of insolvency and appointed Eric Nana Nipah as receiver.
On August 30, 2019, Chairman of Group Nduom, Papa Kwesi Nduom, sued the BoG and two others over the revocation of the licence of GN Savings and Loans Company Limited.
The suit sought, among other reliefs, an order directing the BoG to restore the company’s licence to enable it continue operating as a specialised deposit-taking institution.
It also sought an order directing the receiver of the company “to surrender possession, management or control of the assets, operations and other activities of the company to its shareholders or persons who, immediately before August 16, 2019, were in possession, management or control of such assets, operations and activities.”
The High Court, presided over by Justice Gifty Addo Adjei, held in her judgment that the central bank acted lawfully in revoking the licence because it had become apparent that the company was unable to meet its debt obligations due to poor governance structures.
The court said the applicants had failed to satisfy the court that, at the time of the revocation of the licence, the company was solvent and capable of meeting its debt obligations.
Justice Addo Adjei further stated that the applicants’ claims of unreasonableness, malice and violations of existing laws in the revocation process were unfounded.
BY Gibril Abdul Razak