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.
This decision means that the Court of Appeal’s order will not take effect until the Supreme Court hears and determines the appeal filed by the central bank. The Bank of Ghana had appealed the earlier ruling, which ordered it to reinstate the licence of GN Savings and Loans after it was revoked as part of the country’s financial sector clean-up exercise.
With the stay of execution granted, the current 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. The final decision will determine whether the Court of Appeal’s judgment is upheld or overturned.
Source: Apexnewsgh.com