The Supreme Court has suspended the enforcement of a Court of Appeal ruling that directed the Bank of Ghana (BoG) to restore the operating licence of GN Savings and Loans Limited.
The decision means the Court of Appeal’s order will not take effect until the Supreme Court hears and determines an appeal filed by the central bank.
The Bank of Ghana appealed the ruling after the Court of Appeal ordered it to reinstate the licence of GN Savings and Loans, which was revoked during the country’s financial sector clean-up exercise.
With the stay of execution granted, the existing status remains unchanged, and the central bank is not required to restore the company’s licence while the appeal is pending.
The Supreme Court will now consider whether the Bank of Ghana acted lawfully in revoking the licence and whether the Court of Appeal was justified in ordering its reinstatement.
Its final decision will determine whether the Court of Appeal’s judgment is upheld or overturned.
Source: Citinewsroom.com
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