By: Boakye Stephen, Kumasi, Ghana | Reporting for Ghanaian News, Canada | May 29
The Court of Appeal has unanimously restored the operating licence of GN Savings and Loans Company Limited, overturning an earlier High Court ruling that upheld the Bank of Ghana’s revocation decision during the financial sector clean-up exercise.
A three-member panel ruled that the revocation was unfair and unreasonable, effectively quashing both the regulatory decision and the previous High Court judgment that supported it.
The court further directed the receiver to return possession, management, and control of the company’s assets and operations to its shareholders.
GN Savings and Loans, formerly GN Bank Limited, was reclassified in January 2019 before its licence was revoked seven months later by the Bank of Ghana under former Governor Dr Ernest Addison.
The company’s owners, led by Dr Papa Kwesi Nduom, challenged the revocation in court shortly after the decision was announced.
Commentary | Boakye Stephen
This ruling is likely to reopen national debate over Ghana’s banking sector clean-up and whether all regulatory actions during that period followed fair administrative procedures. Beyond the legal victory for Groupe Nduom, the judgment may also strengthen calls for greater accountability, transparency, and compensation discussions involving institutions affected by the financial sector reforms.
