Supreme Court halts restoration of GN Savings license pending final ruling

Ghana's Supreme Court has temporarily suspended the restoration of Groupe Nduom Savings and Loans Company Limited's operating license. The court's order, issued yesterday, halts the execution of a previous Court of Appeal decision that had directed the Bank of Ghana to reinstate the license. This effectively prevents Groupe Nduom from resuming its operations, including the reopening of its branches, until the highest court makes a final determination on the matter.

The license for GN Savings and Loans was initially revoked nearly six years ago, in August 2019, during a broader banking sector cleanup exercise. The company, owned by Dr. Papa Kwesi Nduom, has consistently argued that the revocation was unlawful, unreasonable, and malicious. The Bank of Ghana, then led by Dr. Ernest Addison, appointed Eric Nana Nipah as receiver following the license revocation.

Legal battles have ensued since the revocation. GN Savings and Loans challenged the decision at the High Court, but on January 24, 2024, Justice Gifty Addo Adjei upheld the Bank of Ghana's decision. The High Court ruled that governance deficiencies had rendered the company unable to meet its obligations and dismissed claims of malice, stating the company's solvency had not been proven at the time of revocation. The court also awarded GH¢50,000 in costs against the applicants.

Dissatisfied with the High Court's ruling, the company appealed the decision. On May 21, 2026, the Court of Appeal ruled in favor of GN Savings and Loans, directing the Bank of Ghana to restore its license. However, yesterday's Supreme Court decision has placed a temporary stay on this ruling, underscoring the ongoing legal complexities surrounding the company's operational status.