The Court of Appeal has reportedly ordered the Bank of Ghana (BoG) to restore GN Savings and Loans Company Limited’s licence with immediate effect, overturning the 2019 revocation.
The court directed Eric Nana Nipah, the receiver appointed by BoG to manage the company after its licence was revoked, to return the company’s assets and operations to shareholders.
Owned by Dr. Papa Kwesi Nduom, GN Savings and Loans was formerly GN Bank before being downgraded on January 4, 2019, for failing to meet new capital requirements.
BoG revoked its licence on August 16, 2019, citing insolvency and regulatory breaches.
Groupe Nduom challenged the move, arguing it ignored government debts owed to the company.
After the High Court upheld the revocation in January 2024, shareholders appealed.
GN Savings and Loans can now resume operations, as directed by the court.
