The Court of Appeal has unanimously restored the license of GN Savings and Loans, reversing a previous High Court ruling that upheld its revocation.
A three-member panel of the second-highest court quashed the original decision to shut down the financial institution.
The appellate court ruled that the regulatory decision to revoke the license was both unfair and unreasonable.
Speaking in an interview immediately after the judgment on Thursday, May 21, 2026, legal counsel for the company’s owner, Dr. Paa Kwesi Nduom, announced plans to secure the official judgment to begin swift enforcement.
The impending legal enforcement aims to compel the court-appointed receiver to hand over all assets and management control back to the original ownership.
Background
GN Bank was officially reclassified as a savings and loans company, renamed GN Savings and Loans Company Limited on January 4, 2019, by the Bank of Ghana (BoG) due to its failure to meet minimum capital and liquidity requirements.
The BoG downgraded the institution from a universal bank to a savings and loans company to help downsize operations and resolve liquidity issues.
License Revocation
According to BoG, after the company failed to meet the conditions set by the the institution’s operating license was completely revoked in August 2019, and a receiver was appointed.
By Edem Mensah-Tsotorme