GN Bank
The Court of Appeal has struck out the Bank of Ghana’s appeal in the GN Savings & Loans case. This was done on the morning of Tuesday, 18th January 2022.
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.
Meanwhile, a cost of GH¢4,000 was awarded against the plaintiff.
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