Supreme Court SUSPENDS Order to Restore GN Savings Licence
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The Supreme Court has suspended the enforcement of a Court of Appeal ruling that directed the Bank of Ghana (BoG) to restore the operating licence of GN Savings and Loans Limited.
The decision means the Court of Appeal's order will remain on hold until the Supreme Court hears and determines an appeal filed by the central bank.
The Bank of Ghana challenged the earlier ruling, which ordered the reinstatement of GN Savings and Loans' licence revoked during the financial sector clean-up exercise.
With the stay of execution granted, the existing situation remains unchanged, and the BoG is not required to restore the licence while the appeal is pending.
The Supreme Court will now determine whether the Bank of Ghana acted lawfully in revoking the licence and whether the Court of Appeal was right to order its reinstatement.
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