The Bank of Ghana is awaiting legal advice from its external lawyers and the Receiver of the defunct GN Savings and Loans Company Limited before determining its next course of action after the Court of Appeal ordered the restoration of the company’s licence.
The development follows a unanimous ruling by the Court of Appeal on May 21, 2026, which overturned a previous High Court decision that had upheld the Bank of Ghana’s revocation of the company’s licence.
The appellate court further directed the Receiver to hand over possession, management, and control of the company’s assets and operations to its shareholders.
JOYBUSINESS understands that although the central bank has requested a certified copy of the ruling, any decision on whether to comply with the judgment or challenge it at the Supreme Court will depend on legal advice from its external counsel, who handled the case, as well as recommendations from the Receiver.
The Receiver is also expected to assess the broader implications of the ruling on other financial institutions affected by Ghana’s banking sector clean-up exercise.
Sources indicate that authorities are considering how the judgment could affect previously revoked licences if the ruling is allowed to stand.
Earlier reports suggested that the Bank of Ghana was preparing to challenge the decision at the Supreme Court. However, it remains unclear whether that option is still actively being pursued.
According to sources familiar with the matter, the central bank may issue an official statement on the ruling later today or within the coming days.
The Court of Appeal’s decision marks a significant turn in the long-running legal dispute over the fate of GN Savings and Loans, which became one of the institutions affected during the financial sector clean-up exercise.
Banking consultant Nana Otuo Acheampong has indicated that he expects the Bank of Ghana to escalate the matter to the Supreme Court, citing the complexity and duration of litigation linked to the banking sector restructuring programme.
According to him, numerous court cases have emerged over the years regarding the clean-up exercise, making it unlikely that the legal battle would conclude at the Court of Appeal stage. He also noted that the central bank acted within the legal framework governing the financial sector reforms at the time.
Meanwhile, President of Groupe Nduom, Papa Kwesi Nduom, has revealed that GN Savings and Loans is preparing for a phased return to operations, beginning with the reopening of its first branch in Elmina.
Dr Nduom explained that the reopening process would be gradual and carefully structured across the country as part of what he described as a “calculated, step-by-step restoration strategy.”
“The first branch we will reopen will be in Elmina, and then from here on, step by step, we will get those branches opened over a period of time,” he stated.
On January 4, 2019, GN Bank Limited was reclassified as a savings and loans company and renamed GN Savings and Loans Company Limited.
Subsequently, on August 16, 2019, the Bank of Ghana revoked the company’s licence and appointed a Receiver as part of the financial sector clean-up exercise, prompting legal action by Groupe Nduom challenging the decision in court.
