GN Savings and Loans has secured another legal victory in its bid 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, clears a key legal hurdle that had the potential to delay the enforcement of an earlier Court of Appeal decision ordering the restoration of the company’s licence, assets and management control.
The latest development further strengthens the financial institution’s position as it works to revive operations nearly seven years after its licence was revoked.
Speaking shortly after the ruling, lead counsel for Groupe Nduom, Cletus Alengah, described the decision as a significant step forward in efforts to restore the company.
According to him, the ruling places GN Savings and Loans firmly on the path towards resuming public operations.
He added that management would continue engaging relevant stakeholders to ensure a smooth and orderly transition of assets as preparations for reopening progress.
The ruling follows a major Court of Appeal judgment on May 21, 2026, in which a three-member panel unanimously overturned a 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 licence and directed that all assets and management control be returned to its original owners.
Following that decision, the Receiver filed the Motion for Stay of Execution seeking to suspend the implementation of the orders pending further legal processes.
However, the Court of Appeal’s latest ruling to strike out the application means the restoration orders remain in force and enforceable.
The decision is expected to accelerate ongoing efforts by management to restart operations, with phased reopening plans already being considered, including the revival of the institution’s historic branch in Elmina.