The Supreme Court has temporarily suspended enforcement of the Court of Appeal’s judgment restoring GN Savings’ operating licence, meaning the company cannot compel compliance until the central bank’s appeal is determined
The Supreme Court has temporarily halted the enforcement of the Court of Appeal’s decision that restored the operating licence of GN Savings and Loans Company Limited, pending the determination of an appeal filed by the Bank of Ghana.
The ruling means that although GN Savings won at the Court of Appeal, it cannot, for now, take legal steps to enforce that judgment. The company must await the outcome of the Bank of Ghana’s appeal before it can compel compliance with the orders restoring its licence and returning control of its assets and operations.
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The Supreme Court’s order does not set aside the judgment of the Court of Appeal or determine that the appellate court was wrong. Rather, it suspends the enforcement of that judgment until the substantive appeal is heard and finally determined.
On May 21, 2026, the Court of Appeal unanimously restored the licence of GN Savings and Loans Company Limited after overturning an earlier decision of the High Court that had upheld the Bank of Ghana’s revocation of the company’s licence. A three-member panel of the Court of Appeal held that the decision by the central bank to revoke the licence during the financial sector clean-up exercise was unfair and unreasonable. The court consequently ordered the restoration of the licence and directed the receiver to hand over possession, management and control of the company’s assets and operations to its shareholders.
The Bank of Ghana, dissatisfied with the decision, appealed to the Supreme Court and applied for a stay of execution pending the determination of the appeal. The application has now been granted.
GN Savings, owned by Dr. Papa Kwesi Nduom, has consistently maintained that the revocation of its licence was unlawful, unreasonable and malicious. The dispute traces its origins to 2019, when the Bank of Ghana revoked the licences of several financial institutions as part of measures to restructure and sanitise Ghana’s financial sector.
According to a report by Accra Street Journal, a stay of execution suspends the processes available to a successful party to enforce a judgment pending the determination of an appeal. Under Order 51 Rule 9 of the High Court (Civil Procedure) Rules, 2004 (C.I. 47), an appeal does not automatically operate as a stay of execution. The courts have consistently held that a stay of execution should generally be granted only in exceptional circumstances, such as where immediate execution would destroy the subject matter of the dispute or render the eventual decision of the appellate court nugatory.
The substantive appeal before the Supreme Court will determine whether the Court of Appeal was correct in ordering the restoration of GN Savings’ licence and whether the Bank of Ghana acted lawfully in revoking the licence in the first place. Until that determination is made, the Court of Appeal’s judgment remains unimplemented.
Source: Accra Street Journal
Last Updated on July 15, 2026 by Samuel Kwame Boadu
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
