A five-member panel of the Supreme Court, presided over by Chief Justice Paul Baffoe-Bonnie, has stayed the execution of a Court of Appeal judgment ordering the restoration of the operating licence of GN Savings and Loans Company Limited.
The stay will remain in effect pending the determination of an appeal filed by the Bank of Ghana.
The Supreme Court’s decision follows an application by the Bank of Ghana seeking to halt the implementation of the Court of Appeal’s ruling.
In its ruling, the apex court said there were still substantial issues to be determined and that it was proper to suspend the orders of the Court of Appeal until the appeal is heard and determined.
On May 21, a three-member panel of the Court of Appeal unanimously ordered the Bank of Ghana to restore the operating licence of GN Savings and Loans with immediate effect.
That decision overturned both the Bank of Ghana’s revocation of the licence and a subsequent affirmation of that decision by the High Court.
The Court of Appeal held that the revocation of the company’s licence was unfair and unreasonable. That order has now been put on hold following the Supreme Court’s intervention.
Source: Starrfm.com.gh
