Bank of Ghana files Supreme Court appeal over GN Savings licence

The Bank of Ghana has filed an appeal at the Supreme Court challenging a Court of Appeal ruling restoring the licence of GN Savings and Loans, reviving a major legal dispute linked to Ghana’s banking sector clean-up and raising wider questions over financial regulation and investor confidence.

ACCRA, Ghana —
The Bank of Ghana has filed an application at the Supreme Court seeking to overturn a Court of Appeal ruling restoring the operating licence of GN Savings and Loans Company Limited. The latest legal action revives one of the most closely watched disputes arising from Ghana’s banking sector clean-up exercise, which led to the collapse, merger or restructuring of dozens of financial institutions between 2017 and 2019 as regulators sought to stabilise the financial system. According to the filing, the central bank argued that the Court of Appeal “erred in law” by proceeding to hear and determine the appeal brought by GN Savings and Loans and related parties.

The application follows a unanimous decision by a three-member Court of Appeal panel on 21st May, 2026, ordering the restoration of the company’s licence after overturning an earlier High Court judgement that upheld the revocation. The appellate court also directed the receiver, Eric Nana Nipah, to hand back possession, management and operational control of the company’s assets to Groupe Nduom, chaired by businessman Dr Papa Kwesi Nduom.

Central bank challenges procedural handling

In its Supreme Court application, the Bank of Ghana contended that the appellants failed to comply with procedural requirements governing appeals under court rules. The central bank also argued that the Court of Appeal should have considered the findings of an adviser appointed before the withdrawal of GN Savings and Loans’ licence during the banking sector restructuring exercise.

According to documents reviewed by Joy Business, the Bank of Ghana cited several “particulars of error in law” and asked the Supreme Court to set aside the appellate court’s judgement while restoring the earlier High Court ruling that dismissed the company’s legal challenge. The Bank of Ghana had earlier indicated that it was reviewing legal advice from external lawyers and the receiver before deciding on its next legal steps following the Court of Appeal ruling.

Groupe Nduom maintains revocation was unlawful

Groupe Nduom has consistently argued that the revocation of GN Savings and Loans’ licence was unlawful and unreasonable and has maintained that the company was denied fair regulatory treatment during the clean-up exercise. Following the Court of Appeal decision, Groupe Nduom announced plans to resume operations of GN Savings and Loans before the end of 2026. Neither Groupe Nduom nor lawyers representing GN Savings and Loans had publicly responded to the latest Supreme Court filing at the time of publication.

Dr Papa Kwesi Nduom, the Global President of Groupe Nduom

Banking and regulatory implications closely watched

Analysts say the outcome of the Supreme Court case could influence future regulatory interventions and shape investor perceptions of legal certainty within Ghana’s financial sector. The dispute remains politically and economically sensitive because the banking sector clean-up led to significant job losses, the closure of financial institutions and ongoing debate over the powers exercised by regulators during the reform process.

Former Bank of Ghana Governor Dr Ernest Addison oversaw much of the restructuring programme, which authorities said was intended to restore financial stability and protect depositors after years of weak supervision and rising insolvency risks. The Supreme Court is expected to determine whether the Court of Appeal acted within the law in restoring the company’s licence.

No hearing date has yet been publicly announced.

Sources: Joy Business
Reporting and analysis by Nukunya News Desk.