Stay application by GN Savings' receiver struck out
The motion, filed by the Receiver, was intended to stay execution of an earlier decision of the Court of Appeal which quashed the 2019 revocation of the company’s operating licence.
GN Savings and Loans has moved a step closer to resuming operations after the Court of Appeal struck out an application that sought to halt the implementation of orders restoring the company’s licence.
The motion, filed by the Receiver, was intended to stay execution of an earlier decision of the Court of Appeal which quashed the 2019 revocation of the company’s operating licence.
But on Tuesday, June 16, 2026, the Court of Appeal struck out the application, leaving the restoration orders in force.
The development means the company can continue the process of reclaiming its assets, management control and operating status, pending any other lawful steps.
The ruling follows the Court of Appeal’s earlier decision of May 21, 2026, in which a three-member panel unanimously overturned a High Court ruling and set aside the Bank of Ghana’s revocation of GN Savings and Loans’ licence.
The appellate court also ordered the immediate restoration of the licence and directed that the company’s assets and management control be returned to its original owners.
The Receiver later filed the stay application in an attempt to suspend the execution of those orders.
That attempt has now failed.
Lead counsel for Groupe Nduom, Cletus Alengah, described the latest ruling as an important development in the company’s long-running legal effort to return to business.
He said GN Savings and Loans would continue engagements with relevant stakeholders to ensure that the transition of assets and control is handled properly.
According to him, the ruling puts the company in a stronger position as it prepares for a phased return to operations.
The company has been out of operation for nearly seven years following the revocation of its licence in 2019.
Dr Papa Kwesi Nduom and his team have indicated that reopening plans are being rolled out gradually.
The first phase is expected to begin with the company’s historic branch in Elmina.
The prolonged legal dispute has been one of the most prominent cases arising from Ghana’s financial sector clean-up.
For GN Savings and Loans, the latest decision removes another major obstacle in its attempt to rebuild the business and return to the financial services market.
