Court of Appeal Overturns Revocation of GN Savings and Loans Licence
May 22,2026
The Court of Appeal has overturned the revocation of the operating licence of GN Savings and Loans Company Limited, delivering a major legal victory to the company and its shareholders.
In a unanimous decision delivered by a three-member panel, the court set aside an earlier High Court ruling that had upheld the decision by the Bank of Ghana to revoke the institution’s licence during the banking sector clean-up exercise.
The Court of Appeal ruled that the revocation process was unfair and unreasonable, thereby nullifying both the Bank of Ghana’s decision and the previous High Court judgment.
The court further directed the receiver to immediately return control, management, and possession of the company’s assets and operations to its shareholders.
GN Bank was reclassified as a savings and loans institution on January 4, 2019, and subsequently renamed GN Savings and Loans Company Limited. However, seven months later, the Bank of Ghana, under the leadership of former Governor Dr Ernest Addison, revoked the company’s licence as part of the nationwide financial sector reforms.
Following the revocation in August 2019, Groupe Nduom, led by businessman Dr Papa Kwesi Nduom, challenged the decision in court, arguing that the action was unjustified.
Although the High Court in January 2024 upheld the Bank of Ghana’s decision, the Court of Appeal has now reversed that ruling, restoring the company’s legal standing.
The judgment is expected to reignite discussions surrounding Ghana’s banking sector clean-up exercise, which led to the closure and restructuring of several financial institutions across the country.
