The Supreme Court has placed a hold on the enforcement of a Court of Appeal decision that required the Bank of Ghana (BoG) to reinstate the operating licence of GN Savings and Loans Limited.
The suspension follows an appeal filed by the central bank, meaning the Court of Appeal’s directive will remain on hold until the Supreme Court delivers its ruling on the matter.
GN Savings and Loans had its licence revoked during the financial sector clean-up exercise, but the Court of Appeal later ruled that the licence should be restored, prompting the BoG to challenge the decision.
The latest order allows the current situation to remain unchanged, with the central bank not required to reinstate the licence while the legal process continues.
The Supreme Court will determine whether the BoG’s revocation of the licence was lawful and whether the Court of Appeal’s decision to order its restoration was justified.
