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The Bank of Ghana has reportedly filed an application before Ghana’s highest court, seeking to overturn a recent appellate ruling that restored the operating licence of GN Savings and Loans Company Limited.
According to court filings, the central bank is asking the Supreme Court to set aside the decision of the Court of Appeal, arguing that the appellate court erred in law by proceeding to hear and determine the matter brought before it.
The move comes days after a landmark ruling delivered on May 21, 2026, in which a three-member panel of the Court of Appeal reversed an earlier High Court judgment that had upheld the revocation of GN Savings and Loans’ licence during Ghana’s banking sector clean-up exercise.
In its ruling, the appellate court held that the revocation of the company’s licence was unfair and unreasonable, effectively restoring the institution’s legal standing.
However, the Bank of Ghana has pushed back against the decision, insisting that the Court of Appeal acted improperly in its handling of the case and urging the Supreme Court to review the judgment.
The dispute centres on regulatory actions taken in August 2019, when the central bank, under the leadership of former Governor Ernest Addison, revoked the licences of several financial institutions as part of a broader financial sector reform programme aimed at stabilising and restructuring the banking industry.
Since the licence withdrawal, GN Savings and Loans, owned by Papa Kwesi Nduom, has consistently argued that the regulatory action was unlawful, unreasonable, and malicious.
Following the Court of Appeal’s decision, Groupe Nduom announced plans to restart operations of GN Savings and Loans before the end of 2026.
The matter now shifts to Ghana’s Supreme Court, which is expected to determine whether the Court of Appeal acted within its legal authority in restoring the company’s licence, a decision that could carry broader implications for the country’s post-clean-up financial sector reforms.
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