Supreme Court Suspends Court of Appeal Order Restoring GN Savings and Loans Licence

The Supreme Court has suspended the enforcement of a Court of Appeal judgment that ordered the Bank of Ghana (BoG) to restore the operating licence of GN Savings and Loans Limited.

The ruling means the Court of Appeal’s decision will not take effect until the Supreme Court hears and determines an appeal filed by the central bank.

Earlier, the Court of Appeal had overturned a High Court decision that upheld the revocation of GN Savings and Loans’ licence during Ghana’s financial sector clean-up. It also directed the receiver to hand over possession, management, and control of the company’s assets and other operations to its shareholders.

The Bank of Ghana challenged that decision at the Supreme Court, arguing that the Court of Appeal’s ruling should not be enforced while its appeal is being considered.

By granting the application for a stay of execution, the Supreme Court has maintained the current status. As a result, the Bank of Ghana is not required to restore GN Savings and Loans’ licence pending the outcome of the appeal.

The Supreme Court is expected to determine whether the Bank of Ghana acted lawfully in revoking the company’s licence and whether the Court of Appeal was justified in ordering its reinstatement.

Its final judgment will ultimately decide whether the Court of Appeal’s decision stands or is set aside.