The legal battle over GN Savings and Loans’ revoked banking licence has taken another turn with the company accepting a Supreme Court order suspending its reinstatement. 

The company says it will respect the ruling and await the final determination of the case, although it remains confident of winning the substantive appeal. 

The Supreme Court’s decision halts the enforcement of a Court of Appeal ruling that ordered the restoration of GN Savings’ licence and the return of control of its assets and management to shareholders.

The dispute dates back to 2019 when the Bank of Ghana revoked GN Savings’ licence as part of the financial sector clean-up and appointed a receiver. 

The company challenged the decision, describing it as unlawful. 

In January 2024, the High Court upheld the Bank of Ghana’s action but GN Savings appealed. 

In May 2026, the Court of Appeal overturned that decision and directed that the licence be restored. 

Speaking to Class News, Spokesperson for Groupe Nduom, Kweku Atta Boadi, said although the company is disappointed by the latest development, it respects the Supreme Court’s decision and will wait for the final outcome.