BoG Awaits Legal Advice After Court Orders Restoration of GN Savings and Loans Licence

The Bank of Ghana (BoG) is awaiting legal advice from its external lawyers and the Receiver of GN Savings and Loans before deciding on its next steps, following a major ruling by the Court of Appeal ordering the restoration of the company’s operating licence.

The Appeals Court, in a unanimous decision on May 21, 2026, set aside an earlier High Court judgment that upheld the central bank’s revocation of the institution’s licence. The court further directed the Receiver to return possession, management, and control of the company to its shareholders.

BoG Weighs Options After Ruling

According to JoyBusiness, the BoG has requested the full judgment, but any decision on whether to comply or challenge the ruling will depend on:

Legal advice from external counsel

Guidance from the Receiver

The Receiver is expected to highlight the broader implications of the judgment, including its potential effect on other collapsed financial institutions affected by the banking sector clean-up.

There are concerns that if the Court of Appeal ruling stands, it could influence similar cases involving revoked licences.

Though earlier reports suggested the central bank was preparing to appeal to the Supreme Court, it remains unclear whether that option is still being considered.

Official communication from the BoG is expected later today or in the coming days.

A Significant Twist in a Long-Running Legal Battle

The decision marks a major shift in the long legal dispute between Groupe Nduom and the central bank over the fate of GN Savings and Loans, which was among the institutions affected by the 2017–2019 banking sector reforms.

Banking consultant Nana Otuo Acheampong has said he expects the BoG to escalate the case to the Supreme Court, citing the complexity of financial sector litigation and the multiple suits that have emerged since the clean-up began.

He noted that the BoG acted within the legal framework governing the restructuring exercise at the time, adding that litigation around the clean-up is unlikely to end at the Court of Appeal.

GN Savings Prepares for Phased Reopening

Meanwhile, President of Groupe Nduom, Dr. Papa Kwesi Nduom, has announced plans for a phased reopening of GN Savings and Loans branches across the country.

He said the company will reopen its first branch in Elmina, followed by a gradual and structured rollout nationwide.

“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,” he stated.

Background

• On January 4, 2019, GN Bank was reclassified as a savings and loans institution.
• On August 16, 2019, the Bank of Ghana revoked its licence and appointed a Receiver as part of the financial sector clean-up.
• Groupe Nduom challenged the revocation in court, initiating years of litigation that continue today.