Dr. Papa Kwesi Nduom
The Supreme Court (SC) has granted an application halting the execution of the Court of Appeal decision ordering the Bank of Ghana (BoG) to restore the operating licence of GN Savings and Loans Limited.
The latest development bars the company from resuming operations until the final determination of an appeal filed by the central bank against the decision of the appellate court.
A five-member panel of the Supreme Court, presided over by Chief Justice Paul Baffoe-Bonnie, held yesterday that there are still substantial issues to be determined and it is proper to stay the execution of the orders of the Court of Appeal pending the determination of those issues.
Restoration Order
The Court of Appeal in May 2026 ordered Bank of Ghana to restore the operating licence of GN Savings and Loans Limited after it upheld an appeal against the decision of a High Court which affirmed the central bank’s 2019 decision.
The appellate court also ordered the BoG to return all assets to GN Savings and Loans while the receiver, was also ordered to return the management of the company to its previous managers.
A three-member panel of the court gave the order yesterday after it overturned a 2020 decision of a High Court which said BoG’s revocation of the company’s operating licence was not illegal or discriminatory.
BoG Appeal
Not satisfied with the decision, the Bank of Ghana 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 BoG is asking the apex court to set aside the decision on ground that the Court of Appeal erred in law when it went ahead to hear and determined the appeal filed by applicants (Dr. Papa Kwesi Nduom, Coconut Grove Beach Resort, and Groupe Nduom Limited).
According to the appeal, Groupe Nduom and others did not comply with an earlier mandatory provision under the Court of Appeal’s Rules, 1997 (CI 19, as amended), which stipulates that particulars of an alleged error of law should be clearly stated in a notice of appeal.
The central bank has also raised several instances in the Court of Appeal’s decision which it described as particulars of error in law, which adds to the weight of its case against the order directed at it to restore the operating licence of GN Savings and Loans.
BoG also raised serious concerns about the Court of Appeal’s judgment concerning its failure to consider the report of the advisor it appointed before proceeding to withdraw the licence of GN Savings and Loans.
It is seeking the Supreme Court to set aside the decision of the Court of Appeal and restore the High Court’s judgment which affirmed the revocation of the operating licence of GN Savings and Loans.
BoG subsequently filed an application seeking a stay of the execution of the orders of the Court of Appeal pending a final determination of the appeal.
Original Suit
GN Bank was reclassified as a savings and loans company on January 4, 2019, and subsequently renamed GN Savings and Loans Company Limited.
However, the Bank of Ghana, on August 16, 2019, revoked the company’s operating licence for being insolvent and appointed Eric Nana Nipah as its receiver.
On August 30, 2019, Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom, sued the BoG and two others over the revocation of the licence of GN Savings and Loans Company Limited.
The suit, which was filed jointly by Coconut Grove Beach Resort and Conference Centre Limited and Groupe Nduom (GN) Limited, is challenging the decision of the central bank to declare GN Savings and Loans Limited insolvent, leading to the revocation of its operating licence.
The High Court, presided over by Justice Gifty Addo Adjei, delivering judgment on the case, said the central bank was right when it revoked the licence because it had become apparent that GN Savings and Loans Limited was unable to meet its debt obligations due to poor governance structures.
The Court of Appeal, on May 21, 2026, overturned the High Court decision and ordered Bank of Ghana to restore the operating licence of GN Savings and Loans Limited.
BY Gibril Abdul Razak