Nduom Vrs  BoG : Court sets December 19, for judgement 

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.

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3 thoughts on “Nduom Vrs  BoG : Court sets December 19, for judgement ”

  1. GN Bank depositor says:

    This was an easy news article to update for only the dates needed to changed. The customers of GN Bank and GN Saving and Loans can only hope that there will not be another reason for a final Judgment to be postponed and need to be scheduled again in the future.

    Justice delayed Justice denied

  2. locked-up funds says:

    What was Judge Gifty Agyei -Addo’s ruling on the long-awaited judgement on GN Bank and BoG suit on December 19, 2023?

  3. locked-up funds says:

    Am I correct in assuming that the Judge delivered a judgement in favor of the Defendant for Groupe Nduom has not released a statement?

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