Court of Appeal throws out BoG’s attempt to prevent ruling on GN Savings & Loans case

High Court to rule on revoked GN Savings & Loans operating licence

BoG applies for a stay of High Court’s proceedings

GN Savings & Loans' licence was wrongly revolved – Dr Nduom

The Court of Appeal of Ghana has denied the Bank of Ghana’s attempt to prevent the High Court from ruling on its case against the GN Savings & Loans.

By this ruling of the Court of Appeal which was made on January 18, 2022, the High Court can now deliver its final judgement on Dr Papa Kwesi Nduom’s suit challenging the decision of the Bank of Ghana (BoG) to revoke the operating licence of GN Savings & Loans Company Limited.

A statement sighted by GhanaWeb indicated that the High Court was supposed to deliver the final judgement on the suit filed by Dr Nduom and two other shareholders of GN Savings and Loans on 9th December 2020.

According to the petitioners, BoG's decision to revoke the licence of GN Savings and Loans was irrational and constitutes an abuse of regulatory authority.

The High Court judge for the case, Justice Gifty Adjei-Addo directed BoG to file a defence on an objecting the central bank raised that the High Court had no jurisdiction to hear the case.

However, a few days before the judgment, rather than filing the defence BoG applied to the Court of Appeal for a stay of the High Court’s proceedings in order to stop the high court from ruling on the matter.