The Court of Appeal has unanimously restored the operating licence of GN Savings and Loans Company Limited, overturning an earlier High Court ruling that upheld the Bank of Ghana’s decision to revoke the company’s licence.

The latest judgment effectively nullifies the Bank of Ghana’s 2019 decision to shut down the financial institution as well as the subsequent High Court ruling that affirmed the action. The appellate court also ordered the receiver to return possession, management and control of the company’s assets and operations to its shareholders.

Background

GN Savings and Loans, formerly known as GN Bank, evolved from First National Savings and Loans (FNSL) and grew into one of Ghana’s largest indigenous financial institutions with branches across the country.

As part of Ghana’s financial sector clean-up exercise initiated in 2018, the Bank of Ghana introduced stricter regulatory and capital requirements for banks and specialised deposit-taking institutions. Following its inability to meet the new minimum capital requirement for universal banks, GN Bank was downgraded to a savings and loans company on January 4, 2019, and subsequently renamed GN Savings and Loans Company Limited.

However, on August 16, 2019, the Bank of Ghana revoked the company’s operating licence, citing insolvency, liquidity challenges, breaches of corporate governance and violations of prudential regulations. The move formed part of the broader banking sector reforms aimed at sanitising Ghana’s financial industry. Eric Nana Nipah was later appointed receiver for the company.

The decision was strongly contested by Groupe Nduom, led by businessman Dr. Papa Kwesi Nduom, who argued that the revocation was unfair and unreasonable. According to the shareholders, the Bank of Ghana failed to adequately consider significant debts owed to the company by the government and some state institutions.

In January 2024, the High Court ruled in favour of the Bank of Ghana and upheld the revocation of the licence. Dissatisfied with the judgment, the shareholders proceeded to the Court of Appeal to challenge the ruling.

The Court of Appeal’s latest decision is being viewed as a major legal victory for Groupe Nduom and has reignited public debate over Ghana’s controversial banking sector clean-up exercise.

Industry body says relying on central bank data alone distorts the picture  and the Bank of Ghana already has the figures to set the record straight

The Ghana Chamber of Mines has formally called on the Bank of Ghana to publish a detailed, disaggregated breakdown of foreign exchange inflows from the country’s mining sector, warning that selective or incomplete data is distorting public understanding of how much the industry actually contributes to Ghana’s economy.

In a statement dated May 2, 2026, the Chamber said that any assessment of mining sector forex flows that focuses exclusively on transactions with the central bank presents a fundamentally incomplete picture  and risks undermining both sound policymaking and public confidence in the sector.

“The Chamber therefore encourages the publication of a disaggregated and transparent account of mineral sector forex flows across both channels to support informed public discourse,” the statement read.

Two Channels, One Incomplete Number

At the heart of the Chamber’s argument is how large-scale mining companies repatriate export proceeds  a process that runs through two distinct channels: direct sales of foreign exchange and bullion gold to the Bank of Ghana, and transactions conducted through commercial banks operating within Ghana.

The Chamber contends that a widely cited figure  which pegs the mining sector’s forex contribution at 20 per cent captures only the central bank channel and therefore falls short of the full picture.

“The 20 per cent figure reflects only transactions with the Bank of Ghana and is therefore incomplete,” the statement stated bluntly.

Proceeds channelled through commercial banks, the Chamber explained, are used to fund a range of critical domestic obligations  including royalty payments to government, utility bills, staff salaries, payments to local vendors and corporate social investments in mining communities. Excluding these flows, it argued, materially understates the sector’s role in supporting Ghana’s foreign exchange position.

Bank of Ghana Already Has the Data, Chamber Says

The Chamber’s call carries added weight given its assertion that the Bank of Ghana is not starting from scratch — the central bank, it says, already holds the relevant data needed to produce a complete account, owing to previous regulatory arrangements.

“Until recently, the Bank of Ghana maintained a policy requiring mining companies to grant it a right of first refusal on foreign exchange intended for sale to commercial banks,” the statement noted, adding that this policy itself underscores the recognised and established role of the commercial banking channel in forex repatriation.

The implication is direct: the data exists, the institutional history is there, and the Bank of Ghana is well-positioned to publish a full and tranparent account without delay.

A Call for Accuracy, Not Just Advocacy

The Chamber framed its demand not as a defence of industry interests but as a prerequisite for responsible economic governance.

“Accurate measurement of forex flows is essential for sound policymaking, macroeconomic management, and sustaining confidence in Ghana’s mining sector,” it said.

With Ghana’s economy in a period of fragile recovery and foreign exchange stability remaining a key concern, the Chamber’s push for transparent data reporting strikes at a broader question: how well do official figures actually capture the real economic footprint of the country’s largest export industry?

For now, the Chamber says, the answer is not well enough.

Manufacturers of sachet water packaging materials have called on the government to provide urgent support to sustain the industry, after deciding to maintain current prices despite escalating production costs.

The appeal was made by President of the Ghana Plastic Manufacturers’ Association, Ebbo Botwe, during a press conference held in Accra on Wednesday, April 8, 2026.

Mr. Botwe disclosed that producers had initially considered increasing prices due to the rising cost of polymers used in manufacturing sachet packaging. However, the association resolved to hold prices steady in recognition of sachet water as an essential commodity relied upon by millions of Ghanaians.

“We are incurring losses by maintaining the old prices, but given that sachet water is a basic necessity for over 33 million Ghanaians, we have chosen to absorb the shock in the national interest,” he stated.

He added that the decision to maintain current prices would remain in effect for at least one to two months, despite mounting financial pressure on manufacturers.

Mr. Botwe expressed hope that the Minister for Trade, Agribusiness and Industry would relay the industry’s concerns to the President, with a view to securing relief measures to cushion producers.

The association further indicated that the move is expected to ease pressure on sachet water producers and help stabilise prices for consumers in the short term.