GN Savings and Loans’ licence revocation appeal hearing tomorrow

The hearing of Groupe Nduom’s (GN)) appeal against a High Court ruling upholding the revocation of GN Savings and Loans’ (GN Bank) licence is still pending and will be heard at the Court of Appeal tomorrow.

Daily Graphic research has revealed that the Bank of Ghana’s inability to restore the licence of a defunct bank as reported in the Friday, February 6, 2026 issue of the paper rather pertained to another erstwhile bank, and, therefore  is completely unrelated to GN Savings and Loans.

GN Savings and Loans’s licence was revoked by the Bank of Ghana (BoG) seven months after it was reclassified as a universal bank trading under the name, GN Bank, to a savings and loans company.

This publication, therefore, overrides the Friday, February 6, 2026 publication that purportedly ruled out the restoration of the licence by the Bank of Ghana.

Background

On January 4, 2019, GN Bank Limited was reclassified as a savings and loans company, and consequently, re-named GN Savings and Loans Company Limited.

Seven months later, August 16, 2019, the BoG, then under the leadership of Dr Ernest Addison, revoked the operating licence of GN Savings and Loans Company Limited and appointed Eric Nana Nipah as Receiver as part of the