GN Savings and Loans has cleared another major legal hurdle in its quest to resume operations after the Court of Appeal struck out a Motion for Stay of Execution filed by the Receiver.
The ruling, delivered on Tuesday, June 16, 2026, removes a significant legal obstacle that had threatened to delay the implementation of an earlier Court of Appeal decision ordering the restoration of the company’s licence and the return of its assets and management control.
The latest development strengthens the position of the financial institution as it seeks to revive operations nearly seven years after its licence was revoked.
Speaking shortly after the ruling, Cletus Alengah, lead counsel for Groupe Nduom, described the decision as a major step forward in efforts to restore the company.
According to lawyer Cletus Alengah, the ruling places GN Savings and Loans firmly on the path toward resuming public operations.
He noted that the company would continue engaging relevant stakeholders to ensure a smooth and orderly transition of assets as preparations for reopening gather momentum.
The latest court victory follows a landmark ruling on May 21, 2026, when a three-member panel of the Court of Appeal unanimously overturned an earlier High Court decision and quashed the 2019 revocation of GN Savings and Loans’ licence.
The appellate court subsequently ordered the immediate restoration of the company’s operating licence and directed that all assets and management control be returned to its original owners.
In response to that ruling, the Receiver filed a Motion for Stay of Execution in an attempt to suspend the implementation of the court’s directives pending further legal processes.
However, Tuesday’s decision to strike out the application means the Court of Appeal’s restoration orders remain in force and enforceable.
The ruling is expected to accelerate efforts by the company’s management to restart operations.
While acknowledging the significant human and material losses suffered over the past seven years, Dr. Nduom and his team have indicated that reopening plans are already being rolled out in phases, beginning with the institution’s historic branch in Elmina.
The latest judgment marks another significant chapter in the prolonged legal battle surrounding one of Ghana’s most high-profile financial sector disputes and brings GN Savings and Loans closer to returning to business.
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