The Bank of Ghana has challenged the recent Court of Appeal decision ordering the restoration of the operating licence of GN Savings and Loans at the Supreme Court, Brakopowers.com has learned.
The legal move comes just days after businessman Papa Kwesi Nduom indicated that the company was preparing to resume operations, beginning with the reopening of its Elmina branches.
The Court of Appeal had earlier ruled in favour of GN Savings and Loans, directing that the company’s revoked licence be restored after years of legal disputes arising from Ghana’s banking and financial sector clean-up exercise.
However, the Bank of Ghana is now seeking to overturn that ruling at the Supreme Court of Ghana, a development likely to prolong the legal battle over the company’s operational status.
The case has attracted significant public attention, particularly among customers and investors affected by the revocation of licences during the financial sector reforms undertaken by the central bank between 2017 and 2019.
Legal analysts say the Supreme Court’s eventual decision could have broader implications for regulatory authority, administrative justice, and the extent of the Bank of Ghana’s powers in future financial sector interventions.
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