BoG awaits legal advice on next steps after court orders restoration of GN Savings and Loans licence

The Bank of Ghana (BoG) is awaiting legal advice from its external lawyers and the Receiver of the defunct financial institution before deciding on its next course of action.

This follows a Court of Appeal ruling ordering the restoration of the licence of GN Savings and Loans Company Limited.

The development comes after the Appeals Court, in a unanimous decision on May 21, 2026, quashed the High Court’s ruling upholding the Bank of Ghana’s revocation of the company’s licence.

The court further directed that the Receiver hand over possession, management and control of the company’s assets and operations to its shareholders.

JOYBUSINESS reports that although the Bank of Ghana had requested a copy of the ruling, any decision on whether to comply or challenge it will depend on legal guidance from its external counsel, who handled the case, as well as input from the Receiver.

The Receiver’s advice is expected to focus on the wider implications the ruling could have on other financial institutions affected by the banking sector clean-up exercise.

There are also considerations being weighed on how the judgment could impact previously revoked licences if the decision is allowed to stand.

Earlier reports had suggested that the central bank was preparing to proceed to the Supreme Court to challenge the ruling.

However, it is now unclear whether that option remains under active consideration.

Sources indicate that the Bank of Ghana may issue an official position on the matter later today or in the coming days.

The Court of Appeal ruling marks a major twist in a long-running legal battle over the fate of GN Savings and Loans, which was originally part of the banking sector clean-up exercise.

Banking consultant Nana Otuo Acheampong has said he expects the Bank of Ghana to escalate the matter to the Supreme Court, noting the complexity and length of litigation surrounding the sector’s restructuring.

He observed that multiple court cases have been filed over the years regarding the clean-up exercise, making it unlikely that the issue would end at the Court of Appeal.

He also noted that the Bank of Ghana acted under the legal framework governing the financial sector clean-up at the time.

Meanwhile, President of Groupe Nduom, Dr Papa Kwesi Nduom, has indicated that GN Savings and Loans is preparing for a phased return to operations, beginning with its first branch in Elmina.

He said the reopening will be gradual and structured across the country, stressing that the revival will follow 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,” Dr Nduom said.

On January 4, 2019, GN Bank Limited was reclassified as a savings and loans company and renamed GN Savings and Loans Company Limited.

On August 16, 2019, the Bank of Ghana revoked its licence and appointed a Receiver as part of the financial sector clean-up exercise, triggering legal action by Groupe Nduom challenging the decision in court.

المصدر: MyJoyOnline (GH)