The Supreme Court has suspended the enforcement of a Court of Appeal decision that restored the operating licence of GN Savings and Loans Company Limited, pending the final determination of a legal challenge before the apex court.

The interim order means GN Savings and Loans will temporarily not be able to proceed with plans to resume operations based on the Court of Appeal’s May 2026 ruling, which had overturned the revocation of its licence by the Bank of Ghana (BoG).

The Supreme Court’s decision will remain in effect until the substantive issues in the case are fully resolved.

The Court of Appeal had in May unanimously restored the licence of GN Savings and Loans after ruling that the revocation process by the Bank of Ghana was unfair and unreasonable.

The appellate court also ordered the receiver appointed by the central bank to hand over possession, management and control of the company’s assets and operations to its shareholders.

The latest Supreme Court order temporarily blocks the implementation of those directives.

GN Savings and Loans, previously known as GN Bank Limited, was reclassified as a savings and loans company in January 2019 before its licence was revoked by the Bank of Ghana on August 16, 2019.

The revocation formed part of the central bank’s banking sector clean-up exercise, during which several financial institutions were closed over insolvency and regulatory concerns.

The Bank of Ghana appointed Eric Nana Nipah as receiver to oversee the company’s assets and liabilities.

The owners of GN Savings and Loans, Groupe Nduom, led by businessman and politician Dr Papa Kwesi Nduom, challenged the licence revocation at the High Court in Accra.

The company argued that the central bank’s action violated its rights and described the revocation process as unfair.

However, the High Court dismissed the challenge, ruling that the Bank of Ghana acted within its mandate after determining that the company was unable to meet its financial obligations.

The court held that the revocation was necessary due to liquidity challenges and concerns over the company’s governance structures.

Dissatisfied with the High Court ruling, GN Savings and Loans appealed the decision.

In May 2026, the Court of Appeal ruled in favour of the company, quashing the High Court’s decision and restoring the licence.

The court directed that control of the company should return to its shareholders, paving the way for preparations to restart operations.

The latest Supreme Court order places the Court of Appeal judgment on hold until the apex court concludes its review of the matter.

The dispute remains one of the longest-running legal battles linked to Ghana’s financial sector clean-up, which saw the revocation of licences of several banks and specialised deposit-taking institutions between 2017 and 2019.

The Supreme Court’s final decision is expected to determine whether GN Savings and Loans can fully return to the financial sector or whether the original revocation by the Bank of Ghana will stand.