Story: Atta Kwaku Boadi
The dust is now settled. The stage is now set for the final ruling on the long running lawsuit filed at the Human Rights Division of the High Court against the Bank of Ghana (BoG), the Attorney General and the GN Savings Receiver by Dr Papa Kwesi Nduom and others over the revocation of the licence of GN Savings and Loans Company Limited.
An Accra High Court presided over by Appeals Court Judge Gifty Agyei -Addo on Thursday, November 16, 2023 in agreement with the parties to the case settled on December 19, 2023 for the long-awaited judgement on GN Bank and BoG suit.
It may be recalled that Dr Papa Kwesi Nduom and two other shareholders of GN Savings & Loans have been in court since August 2019 to challenge the Bank of Ghana’s decision to revoke the Savings & Loans’ license. Their case is that the Bank of Ghana and the Minister of Finance have colluded to “maliciously” understate the assets of GN Savings & Loans.
Dr. Nduom has also said out of court that it is the Governor of the Bank of Ghana, Dr. Ernest Addison who convinced him at a meeting in 2019 to ask for the reclassification from universal bank to savings and loans. The request was granted but the savings and loans licence was abruptly revoked.
He said Dr. Addison promised an upgrade to universal bank status when government agencies made payments on the significant amount of receivables due to Groupe Nduom companies.
According to an affidavit deposed to by Dr Nduom, and sighted by Today, the Bank of Ghana had reached an “unfounded, unproven, unverified and bizarre conclusion in respect of GN Savings’ financial position” because of their “failure or malicious refusal to take into account GN Savings’ assets that were and are still with the Government and its MDAs.”
It is also to be noted that a case still resides with the Supreme Court over the management of the assets of GN Savings. Perhaps the Supreme Court May decide to give its ruling on this matter given the deterioration in the value of assets taken over by the Receiver appointed by the BoG.