The Court of Appeal of Ghana has unanimously restored the license of GN Savings and Loans Company Limited, overturning an earlier High Court decision that upheld the revocation of the company’s operating license.
The three-member panel ruled that the decision to revoke the license was unfair and unreasonable, leading to the quashing of both the revocation decision and the High Court judgment that affirmed it.
The court further directed the receiver to hand over possession, management and control of the company’s assets and operations back to its shareholders.
GN Savings and Loans was originally reclassified from GN Bank Limited on January 4, 2019, during Ghana’s banking sector reforms.
However, on August 16, 2019, the Bank of Ghana, under the leadership of Ernest Addison, revoked the institution’s licence as part of the financial sector clean-up exercise and appointed Eric Nana Nipah as receiver.
That same month, Groupe Nduom, led by Papa Kwesi Nduom, challenged the revocation at the High Court in Accra.
On January 24, 2024, the High Court upheld the Bank of Ghana’s decision, but that ruling has now been overturned by the Court of Appeal.
