The Supreme Court has granted a stay of execution on a Court of Appeal decision that ordered the Bank of Ghana (BoG) to reinstate the operating licence of GN Savings and Loans Limited.

The ruling means the Court of Appeal’s directive will remain suspended until the Supreme Court hears and decides the central bank’s appeal.

The Bank of Ghana challenged the earlier judgment after the Court of Appeal ruled that the regulator should restore the licence of GN Savings and Loans, which was revoked during Ghana’s financial sector reforms.

With the stay of execution now in place, the status quo remains unchanged, and the BoG is not obliged to reinstate the company’s licence while the appeal is before the apex court.

The Supreme Court will examine whether the central bank acted within the law when it withdrew the company’s licence and whether the Court of Appeal was right in directing that it be restored.

The outcome of the appeal will ultimately determine whether the Court of Appeal’s decision stands or is set aside.