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| Supreme Court Suspends GN Bank Licence Restoration Order, Freezes Asset Handover |
Ghana's Supreme Court has suspended the Court of Appeal's ruling that restored GN Savings and Loans Company Limited's operating licence, putting the long-fought restoration on hold once again.
The Court of Appeal had, in a unanimous decision in June 2026, overturned an earlier High Court ruling and ordered the Bank of Ghana (BoG) to restore the licence of GN Savings and Loans, formerly GN Bank. The appellate panel held that the original revocation of the licence was unfair and unreasonable, and directed the Receiver to hand over possession, management, and control of the company's assets to its shareholders.
That victory for Groupe Nduom, led by Dr Papa Kwesi Nduom, has now been paused. The Supreme Court's intervention halts the handover process while the matter goes through further legal review, meaning the licence remains unrestored for now.
The case dates back to August 2019, when the Bank of Ghana, then under Governor Dr Ernest Addison, revoked GN Bank's licence as part of the banking sector clean-up exercise. The central bank cited a negative capital adequacy ratio, governance failures, and undocumented transfers of depositor funds to a related entity abroad, allegations Groupe Nduom has consistently disputed.
The High Court initially sided with the Bank of Ghana in January 2024, before the Court of Appeal reversed that decision in Groupe Nduom's favor this past June. With the Supreme Court now pressing pause, the near seven-year legal battle over GN Bank's fate is far from over.
Harry Klassic GH will continue to follow this developing story and update readers as the Supreme Court proceedings unfold.
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