Court of Appeal Restores GN Savings and Loans Licence, Orders Handover to Shareholders 

The Court of Appeal has unanimously restored the operating licence of GN Savings and Loans Company Limited, overturning both the Bank of Ghana’s 2019 revocation and a High Court judgment that upheld it.

The court ruled that the Bank of Ghana’s decision to revoke the licence was “unfair and unreasonable” and quashed the revocation order. It also set aside the earlier High Court judgment and directed the receiver to hand over control, management, and assets of the company back to its shareholders.

GN Savings and Loans, formerly GN Bank, had its licence revoked in August 2019 during the Bank of Ghana’s financial sector clean-up exercise.

A receiver was appointed to take over operations at the time.

The company, owned by Groupe Nduom and led by Dr. Papa Kwesi Nduom, challenged the revocation in court. The latest ruling overturns that decision in favour of the company.