GN Savings and Loans clears major legal hurdle as court strikes out receiver’s application

GN Savings and Loans has secured another significant legal victory in its efforts to resume operations after the Court of Appeal struck out a Motion for Stay of Execution filed by the Receiver.

The ruling, delivered on Tuesday, June 16, 2026, removes a major legal impediment that could have delayed the implementation of an earlier Court of Appeal decision ordering the restoration of the company's licence and the return of its assets and management control.

The latest development strengthens the position of the financial institution as it seeks to restart operations nearly seven years after its licence was revoked.

Speaking after the ruling, lead counsel for Groupe Nduom, Cletus Alengah, described the court's decision as a significant milestone in the ongoing efforts to restore the company.

According to him, the ruling places GN Savings and Loans firmly on course to resume public operations.

Mr Alengah stated that the company would continue engaging relevant stakeholders to facilitate a smooth and orderly transition of assets as preparations for reopening progress.

The latest court victory follows a landmark judgment delivered on May 21, 2026, when a three member panel of the Court of Appeal unanimously overturned an earlier High Court ruling and nullified the 2019 revocation of GN Savings and Loans' licence.

The appellate court subsequently ordered the immediate restoration of the company's operating licence and directed that all assets and management control be returned to its original owners.

Following that decision, the Receiver filed a Motion for Stay of Execution seeking to suspend the implementation of the court's directives pending further legal proceedings.

However, the Court of Appeal's decision to strike out the application means the restoration orders remain valid and enforceable.

The ruling is expected to accelerate efforts by the company's management to resume operations.

While acknowledging the considerable human and material losses suffered over the past seven years, Dr Nduom and his team have indicated that plans to reopen the institution are already being implemented in phases, beginning with its historic branch in Elmina.

The latest judgment marks another important development in the prolonged legal battle surrounding one of Ghana's most high-profile financial sector disputes and brings GN Savings and Loans a step closer to returning to business.