The Supreme Court has stayed the execution of a Court of Appeal judgment that ordered the restoration of the operating licence of GN Savings and Loans Ltd, pending the determination of an appeal filed by the Bank of Ghana (BoG).

The stay means the Court of Appeal's decision will not take effect until the Supreme Court delivers its final ruling on the matter.

This comes after the Bank of Ghana appealed the appellate court's decision after it ordered the central bank to reinstate the licence of GN Savings and Loans, which was revoked as part of the financial sector clean-up exercise.

With the Supreme Court's latest order, the status quo remains in place while the appeal is heard and determined.

The case is expected to determine whether the Bank of Ghana acted lawfully in revoking the company's licence and whether the Court of Appeal's decision should be upheld or overturned.