Court of Appeal Orders Bank of Ghana to restore license of GN Savings and Loans with immediate effect

In a unanimous decision, a three-member panel of the court cancelled the earlier High Court ruling that supported the revocation of the company’s licence. The Appeal Court said the decision to revoke the licence was unfair and unreasonable.

The ruling means both the Bank of Ghana’s decision to revoke the licence and the High Court judgment that supported it have now been cancelled.

The court also ordered the receiver to hand over all assets, management, and control of the company back to its shareholders.

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

Seven months later, on August 16, 2019, the Bank of Ghana, under the leadership of Dr Ernest Addison, revoked the company’s licence as part of the banking sector clean-up exercise. Eric Nana Nipah was appointed as receiver.

That same month, Groupe Nduom, led by Dr Papa Kwesi Nduom, challenged the decision in the High Court in Accra.

On January 24, 2024, Justice Addo upheld the revocation of the licence. However, the Court of Appeal has now overturned that decision.