Victory for GN Savings and Loans: Appeal Court Restores Licence and Hands Over Assets

The Court of Appeal has ordered the immediate restoration of the operating licence of GN Savings and Loans Company Limited, overturning the Bank of Ghana’s revocation of the licence in 2019.

A three-member panel of the Court quashed both the central bank’s decision and the January 2024 High Court ruling that had upheld the revocation. The appellate court ruled that the Bank of Ghana’s action was unfair and unreasonable.

The Court further directed the receiver to hand over possession, management, and control of the company’s assets and operations to its shareholders.

Background
GN Savings and Loans, owned by businessman Dr. Papa Kwesi Nduom through Groupe Nduom, was reclassified as a savings and loans company in January 2019 before its licence was revoked on August 16, 2019, as part of the Bank of Ghana’s financial sector clean-up exercise.

Shareholders challenged the revocation in the High Court, arguing it was unlawful. In 2024, the High Court ruled in favour of the Bank of Ghana.

Dr. Nduom has welcomed the Court of Appeal’s decision, stating that the company will take steps to resume operations and contribute to Ghana’s economy.

The ruling brings to an end a nearly seven-year legal battle. The Bank of Ghana is yet to issue an official response.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​