Court of Appeal Restores License Of GN Savings and Loans

The Court of Appeal has overturned a high court decision that upheld the revocation of GN Savings and Loans, ordering the Bank of Ghana to restore its license. 

The three-member panel of justices has also ordered all assets of the institution to be returned to the previous owners and the Receiver is to hand over management to the previous management team. 

"Any third party interest created shall be determined on good faith of third parties on case by case basis," the Court of Appeal added.

The decision marks a major turning point in the long-running case involving GN Savings and Loans and the Bank of Ghana over the banking sector clean-up in 2018.