Story: Atta Kwaku Boadi

The case between Dr Papa Kwasi Nduom and Bank of Ghana  (BoG)  over the revocation of the licence of GN Savings and Loans Company  has been adjourned to Wednesday, November 1, 2023.

The legal teams of both GN Savings and Loans and BoG were in court yesterday following a hearing notice by   an Accra High Court presided over by Appeals Court Judge Gifty Agyei-Addo  to give  judgement on October 26, 2023.

In an interview with Today, the Lead Counsel of GN Savings and Loans , Dr Justice Srem Sai  said, “ what we came to do today in court is part of the proceedings. We came to confirm the documents  that we have filed on the docket  to make sure that  they have not been tempered with”.

He added: “ Now we are satisfied that documents are intact, so we have settled on November 1 to come back to court  for a date for the judgement”  

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. 

Speaking to Today earlier,  Dr. Nduom said,  it was 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, he said, 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, 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.”