The long‑running legal dispute between the Bank of Ghana (BoG) and GN Savings & Loans has taken a new turn as the central bank files an appeal at the Supreme Court. This move follows a recent ruling by the Court of Appeal, which ordered the restoration of GN’s operating license—an outcome that has reignited national debate around the financial sector clean‑up.According to newly filed court documents, the BoG argues that the Court of Appeal misapplied the law when it overturned the revocation of GN’s license.
The central bank maintains that its 2019 decision to revoke the license was based on clear evidence of insolvency, liquidity challenges, and regulatory breaches.
Background to the Case
GN Savings & Loans, part of Groupe Nduom led by Dr. Papa Kwesi Nduom, was one of several financial institutions affected during Ghana’s financial sector reforms. The BoG had cited severe liquidity shortfalls and governance concerns as reasons for the revocation.
The High Court initially upheld the BoG’s decision, but the Court of Appeal later reversed that ruling, describing the revocation as improper and ordering the full restoration of GN’s license.
Why the BoG Is Heading to the Supreme Court
In its appeal, the Bank of Ghana is seeking to:
- Challenge the legal basis of the Court of Appeal’s decisionReinstate the earlier High Court judgment
- Affirm its regulatory authority during the financial sector clean‑up
- The central bank insists that its actions were taken in the interest of financial stability and depositor protection.