Story: Atta Kwaku Boadi
GN Savings and Loans has secured another major legal triumph in its ongoing battle to resume operations.
On Tuesday, June 16, 2026, the Court of Appeal struck out a Motion for Stay of Execution filed by the Receiver.
The ruling represents a critical green light for the financial institution, effectively removing a major legal barrier that had frozen previous orders to hand back the company’s control.
Speaking shortly after the verdict, Cletus Alengah, lead counsel for prominent businessman and Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom, noted that the ruling significantly strengthens their efforts to revive the company. Mr Alengah stated that GN Savings and Loans was now firmly on the path to resuming public operations and woukld continue its engagements to safely manage the transition of assets.
After years of setbacks in the lower courts, the tide turned dramatically on May 21, 2026, when a three-member panel at the Court of Appeal unanimously overturned a previous High Court decision. The appellate court quashed the original 2019 revocation, ordering the immediate restoration of GN’s licence and demanding that the Receiver hand all assets and management control back to the original owners.
Following that landmark judgment, the Receiver filed a Motion for Stay of Execution in a bid to freeze the handover while regulatory appeals played out.
Tuesday’s definitive striking out of that motion means the court-ordered restoration remains active and enforceable. While Dr. Nduom has acknowledged the heavy human and material toll the past seven years took on his staff and infrastructure, the management team has announced that reopening strategies are already being deployed in phases, starting with its historic branch in Elmina.
