The Supreme Court has put a hold on carrying out an Appeal Court judgment that instructed the Bank of Ghana to reinstate the business permit of GN Savings and Loans Limited.
As a result of this ruling, the Appeal Court’s directive will remain on hold until the Supreme Court reviews and delivers a verdict on a case brought forward by the central bank.
The Bank of Ghana (BoG) filed the appeal following the Appeal Court’s decision that it must return the operating permit to GN Savings and Loans, which had its authorisation withdrawn during the banking sector reforms.
Due to the interim order granted, nothing will change for now, and the central bank does not have to give back the firm’s permit while the case was still before the court.
The Supreme Court will next examine if the Bank of Ghana was right to withdraw the permit and if the Appeal Court was correct to order that it be returned. The court’s ultimate ruling will decide whether the Appeal Court’s decision stands or is cancelled.
