The ruling came after a three-member panel of the appellate court overturned an earlier High Court decision that had upheld the revocation of the company’s license. According to the Court of Appeal, the decision to revoke the license was unfair and unreasonable.

As part of the judgment, the appellate court set aside both the revocation of the license and the High Court ruling that supported it. The court further directed the receiver to return possession, management, and control of the company’s assets and operations to its shareholders.

Background

On January 4, 2019, GN Bank Limited was reclassified as a savings and loans company and subsequently renamed GN Savings and Loans Company Limited.

However, on August 16, 2019, the Bank of Ghana, under the leadership of Ernest Addison, revoked the company’s license as part of Ghana’s banking sector clean-up exercise. At the time, Eric Nana Nipah was appointed as receiver.

Later that month, Groupe Nduom, led by Papa Kwesi Nduom, filed a legal challenge against the revocation at the High Court in Accra.

On January 24, 2024, Justice Addo ruled in favor of the revocation, upholding the decision by the central bank. However, that High Court judgment has now been overturned by the Court of Appeal.