GN BANK CASE…

Date

BOG APPEAL STRUCK OUT, HIGH COURT TO GIVE FINAL JUDGEMENT

Story: Kwaku BOADI

he Court of Appeal presided over Justice Henry Coffie has struck out the Bank of Ghana’s (BoG)  appeal in the GN Savings & Loans case. This was done on the morning of Tuesday, 18th January 2022.

The court subsequently awarded Four Thousand Ghana Cedis to the plaintiff

The ruling of the Court of Appeal clears the way for the High Court to deliver its final judgement in the protracted legal battle between Dr. Papa Kwesi  Nduom and the Bank of Ghana, the Attorney-General, and Mr Nana Nipa (the Receiver).

It may be recalled that in August 2019, Dr. Nduom filed this suit challenging the decision of the Bank of Ghana to revoke the operating licence of GN Savings & Loans Company Limited. The High Court judge set 9th December 2020 for its final judgement.

However, just a few days before the judgement day, the Bank of Ghana applied to the Court of Appeal for a stay of the High Court’s proceedings. The case had thus paused for over a year.

At the High Court, Dr. Nduom’s lawyers, Praetorium Solicitors, have argued that the Bank of Ghana’s decision to revoke GN Savings’ licence was irrational and constitutes an abuse of regulatory authority. 

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