The Bank of Ghana’s appeal in the GN Savings & Loans case was dismissed by the Court of Appeal. This was completed in the morning on Tuesday, January 18th, 2022.
The Court of Appeal’s decision clears the way for the High Court to rule in the long-running legal struggle between Dr. Papa Kwesi Nduom and the Bank of Ghana, the Attorney-General, and Mr Nana Nipa (the Receiver).
Dr. Nduom filed this lawsuit in August 2019, disputing the Bank of Ghana’s decision to cancel the operating license of GN Savings & Loans Company Limited. The ultimate date for the High Court judge’s decision has been set for December 9, 2020.
The Bank of Ghana, however, filed to the Court of Appeal for a stay of the High Court’s proceedings just a few days before the deadline. As a result, the lawsuit had been put on hold for more than a year.
Dr. Nduom’s lawyers, Praetorium Solicitors, have contended in the High Court that the Bank of Ghana’s decision to cancel GN Savings’ license was unreasonable and an abuse of regulatory authority.
Meanwhile, the plaintiff was given a cost of 4000ghc.