Court of Appeal Restores GN Bank Licence, Orders Full Return of Assets
The Court of Appeal has overturned the High Court’s earlier ruling and ordered the Bank of Ghana to restore the operating licence of GN Bank, marking a major twist in the long‑running legal battle over the 2018 banking sector clean‑up.
In its decision, the three‑member panel directed that all assets of the bank be returned to its original owners and instructed the Receiver to hand over management to the previous leadership team.
The ruling represents a significant victory for GN Bank, which has fought the central bank’s actions for nearly seven years.
GN Bank was first downgraded to a savings and loans company on January 4, 2019, and renamed GN Savings and Loans Company Limited. Seven months later, on August 16, 2019, the Bank of Ghana—then led by Governor Ernest Addison—revoked its licence entirely and appointed Eric Nana Nipah as Receiver.
The owners, led by Papa Kwesi Nduom, challenged the revocation at the High Court, describing it as unlawful, malicious, and unreasonable. However, on January 24, 2024, the High Court ruled in favour of the Bank of Ghana, citing governance lapses and insolvency concerns.
Justice Gifty Addo Adjei held that GN Savings and Loans failed to prove it was solvent at the time of the revocation and dismissed claims that the central bank acted unfairly or discriminatorily.
GN Bank appealed the decision, leading to the latest judgment, which reverses the High Court’s position and orders the reinstatement of the bank’s licence.
— CitiNewsRoom