Court of Appeal clears path for GN Savings to resume operations

GN Savings and Loans has secured another significant court victory in its fight to resume operations. On Tuesday, 16 June 2026, the Court of Appeal struck out a Motion for Stay of Execution filed by the Receiver, removing a critical legal barrier that had blocked previous orders to restore the company's control to its original owners.

The ruling represents a decisive turning point for the financial institution. Cletus Alengah, lead counsel for Dr. Papa Kwesi Nduom, Chairman of Groupe Nduom and GN Savings' principal, said the verdict strengthens efforts to revive the company. He stated that GN Savings is now firmly on track to resume public operations and will continue managing the transition of assets responsibly.

The latest win builds on a landmark judgment from 21 May 2026, when a three-member appellate panel unanimously overturned a High Court decision and quashed the 2019 licence revocation. The court ordered immediate restoration of GN's licence and demanded the Receiver return all assets and management control to the original owners.

After that ruling, the Receiver filed the stay motion to freeze the handover pending regulatory appeals. Tuesday's striking out of that motion means the court-ordered restoration is now active and fully enforceable.

Management has announced phased reopening strategies are already underway, beginning with the historic Elmina branch. Dr. Nduom acknowledged the heavy toll the seven-year closure took on staff and infrastructure, but the company is now moving to restore service to customers.