The Bank of Ghana is currently awaiting legal guidance from its external counsel and the Receiver of the collapsed financial institution before determining its next line of action.
This follows a Court of Appeal decision directing the reinstatement of the licence of GN Savings and Loans.
In a unanimous ruling delivered on May 21, 2026, the Court of Appeal overturned an earlier High Court judgment that had affirmed the Bank of Ghana’s decision to revoke the company’s licence.
The appellate court also ordered the Receiver to return control, management, and possession of the company’s assets and operations to its shareholders.
According to JOYBUSINESS, although the central bank has requested a certified copy of the judgment, any decision on whether to comply with or contest the ruling will depend on advice from the external lawyers who represented the Bank of Ghana, alongside recommendations from the Receiver.
The Receiver is expected to assess the broader consequences the ruling could have on other institutions affected by the financial sector clean-up exercise.
Authorities are also considering the potential precedent the judgment may set for previously revoked licences should the ruling remain unchallenged.
Earlier reports suggested the central bank was considering an appeal at the Supreme Court. However, it remains uncertain whether that option is still being actively pursued.
Sources close to the matter indicate that the Bank of Ghana could release an official statement later today or within the next few days.
The Court of Appeal’s decision represents a significant turn in the prolonged legal dispute surrounding GN Savings and Loans, which emerged from Ghana’s banking sector reforms.
Banking consultant Nana Otuo Acheampong believes the central bank is likely to elevate the matter to the Supreme Court, citing the complexity and lengthy litigation associated with the financial sector restructuring.
He noted that numerous legal challenges have been filed over the years in connection with the clean-up exercise, making it unlikely that the matter would conclude at the appellate level.
Acheampong further argued that the Bank of Ghana acted within the legal framework that governed the financial sector clean-up at the time.
Meanwhile, President of Groupe Nduom, Dr Papa Kwesi Nduom, says GN Savings and Loans is preparing for a phased resumption of operations, beginning with the reopening of its Elmina branch.
He explained that the reopening process would be gradual and systematically implemented nationwide, describing it as 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 stated.
GN Bank Limited was reclassified as a savings and loans institution on January 4, 2019, and subsequently renamed GN Savings and Loans Company Limited.
On August 16, 2019, the Bank of Ghana revoked the company’s licence and appointed a Receiver as part of the financial sector clean-up exercise, prompting legal action by Groupe Nduom to challenge the decision in court.
Source: myjoyonline.com
