Story:  Yaw Takyi

An Accra High Court presided over by Appeals Court Judge Gifty Agyei-Addo has issued a hearing notice for Court to give judgement on October 26, 2023.

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 license was abruptly revoked.  He says Dr. Addison promised an upgrade to universal bank status when government agencies make payments on the significant amount of receivables due to Groupe Nduom companies.

According to an affidavit deposed to by Dr Nduom, 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.”