Supreme Court halts restoration of GN Savings and Loans' licence

The Supreme Court has granted an application to stay the execution of the Court of Appeal's judgment that restored the banking licence of GN Savings and Loans Company Ltd, pending the determination of an appeal filed by the Bank of Ghana.

The decision temporarily suspends the implementation of the Court of Appeal's orders, meaning the earlier ruling restoring the company's licence will not take effect until the Supreme Court delivers its final judgment on the substantive appeal.

A five-member panel of the Supreme Court, chaired by Chief Justice Paul Baffoe-Bonnie, ruled on Tuesday that there are substantial legal issues that must first be determined before the Court of Appeal's judgment can be enforced.

In granting the application, the apex court held that it was appropriate to stay the execution of the appellate court's orders pending the hearing and final determination of the appeal.

The ruling effectively preserves the status quo until the legal dispute over the revocation of GN Savings and Loans' licence is conclusively resolved.

The latest development follows a unanimous decision by the Court of Appeal in May 2026, which overturned an earlier High Court ruling that had upheld the Bank of Ghana's decision to revoke the licence of GN Savings and Loans.

The appellate court quashed the High Court's judgment, effectively restoring the company's operating licence.

In addition, the Court of Appeal directed the official receiver to hand over possession, management and control of the company's assets and operations to its shareholders.

The decision was widely viewed as a significant legal victory for the company after years of litigation arising from the banking sector clean-up.

Following the Court of Appeal's judgment, the Bank of Ghana filed an appeal before the Supreme Court, arguing that the appellate court's decision should be reviewed.

The central bank also applied for a stay of execution to prevent the implementation of the Court of Appeal's orders while the appeal is pending.

The Supreme Court's latest ruling grants that request, ensuring that the transfer of the company's assets and management back to its shareholders will not proceed until the appeal is heard.

The legal battle has seen several proceedings in different courts.

On June 16, 2026, the Court of Appeal struck out an application seeking to stay the execution of its own judgment directing the receiver to hand over possession and control of the company's assets.

That decision meant the Court of Appeal's orders remained enforceable until the matter was escalated to the Supreme Court.

The Supreme Court's ruling now supersedes that position by suspending the execution of the appellate court's judgment pending the final outcome of the appeal.

The substantive appeal filed by the Bank of Ghana is yet to be heard and determined.

The Supreme Court's eventual decision will determine whether the Court of Appeal acted correctly in restoring GN Savings and Loans' licence and ordering the return of the company's assets and management to its shareholders.

Until then, the stay of execution means the Court of Appeal's orders remain suspended, maintaining the current legal and operational status of the company.

Further proceedings in the appeal are expected in the coming weeks.