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Appeal Court orders immediate restoration of GN Savings and Loans license

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The Court of Appeal has unanimously restored the license of GN Savings and Loans, reversing a previous High Court ruling that upheld its revocation.

A three-member panel of the second-highest court quashed the original decision to shut down the financial institution.

The appellate court ruled that the regulatory decision to revoke the license was both unfair and unreasonable.

Speaking in an interview immediately after the judgment on Thursday, May 21, 2026, legal counsel for the company’s owner, Dr. Paa Kwesi Nduom, announced plans to secure the official judgment to begin swift enforcement.

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The impending legal enforcement aims to compel the court-appointed receiver to hand over all assets and management control back to the original ownership.

Background

GN Bank was officially reclassified as a savings and loans company, renamed GN Savings and Loans Company Limited on January 4, 2019, by the Bank of Ghana (BoG) due to its failure to meet minimum capital and liquidity requirements.

The BoG downgraded the institution from a universal bank to a savings and loans company to help downsize operations and resolve liquidity issues.

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License Revocation

According to BoG, after the company failed to meet the conditions set by the institution’s operating license was completely revoked in August 2019, and a receiver was appointed.

By Edem Mensah-Tsotorme

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Chiefs, residents urge Ga East MCE to act over Dakobi River encroachment

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The Ga East Chiefs Association and residents within the Ga East Municipality have appealed to the Municipal Chief Executive (MCE) to urgently intervene in the growing encroachment and destruction of the Dakobi River by private developers.

According to the chiefs and community leaders, ongoing housing developments and the filling of portions of the river body are creating serious environmental and safety risks that could lead to a major disaster if immediate action is not taken.

They described the situation as a “ticking time bomb” that threatens thousands of lives and properties within the Municipality.

The traditional authorities explained that the activities of some private developers have weakened parts of the road corridor around the Dakobi area and are gradually affecting the stability of the Dakobi River bridge.

They warned that the bridge is beginning to sink, creating danger for motorists and residents who use the route daily.

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The chiefs noted that the Dakobi River serves as one of the major natural water collection points in the Municipality, receiving large volumes of rainwater from the Akuapem South mountain range.

However, they indicated that illegal encroachment and indiscriminate filling of the river course have reduced the river’s capacity to contain floodwaters.

According to them, communities such as Pantang, Abokobi, Agbogba, Nyamekrom and Teiman, which previously did not experience flooding, are now recording severe floods anytime heavy rains occur.

They explained that the floods have destroyed homes, displaced families, damaged roads and caused the loss of properties worth millions of Ghana cedis.

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The traditional authorities further cautioned that the situation could develop into a humanitarian and environmental crisis, especially as the rainy season intensifies.

They pointed out that the Dakobi River serves as a boundary between the Ga East Municipal Assembly and the La Nkwantanang Madina Municipal Assembly, making the issue a matter that requires collaboration between both assemblies.

The chiefs and residents are therefore calling on government agencies, environmental authorities, engineers, town planners, the National Disaster Management Organisation (NADMO) and security agencies to immediately stop all illegal developments along the river.

They are demanding the demolition of unauthorized structures, dredging of the river and restoration of the waterway to prevent further flooding and possible loss of lives.

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Residents stressed that failure by authorities to act quickly could expose innocent people to avoidable floods, collapsing infrastructure and other tragedies.

By: Jacob Aggrey

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Over 800 Ghanaians register for evacuation from South Africa amid xenophobic attacks

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The Ministry of Foreign Affairs has announced that more than 800 Ghanaians in South Africa have registered to be evacuated following the recent wave of xenophobic attacks in the country.

According to the Ministry, the evacuation exercise, which was scheduled to begin on May 21, 2026, has been postponed for a few days to allow authorities to complete the necessary legal and logistical processes required by South African authorities.

In a press release issued in Accra on Thursday, the Ministry explained that the large number of people seeking evacuation requires extensive coordination between Ghanaian and South African institutions.

The statement noted that mandatory passenger screening, flight permits and other legal conditions in South Africa must be completed before the evacuation can begin.

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It added that officials from both Ghana and South Africa are currently engaging to ensure a smoother and more efficient evacuation process.

The Ministry indicated that both countries have agreed on enhanced pre-evacuation arrangements to speed up the exercise and ensure the safe return of Ghanaian nationals.

According to the statement, senior government officials on both sides remain actively involved in discussions surrounding the evacuation.

The Government of Ghana assured Ghanaians living in South Africa that every effort is being made to guarantee their safety and return home safely.

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The Ministry also commended the affected Ghanaians for their patience and understanding during the process.

It further assured the public that updates on the evacuation exercise would continue to be communicated in a transparent and timely manner.

By: Jacob Aggrey

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