The Bank of Ghana (BoG) has reportedly filed an appeal at the Supreme Court seeking to challenge and set aside the recent Court of Appeal ruling that ordered the immediate restoration of the operating license of GN Savings and Loans Company Limited.
According to application documents filed at the apex court and reported by some news outlets, the central bank contends that the Court of Appeal erred in law by proceeding to determine the appeal filed by Dr. Papa Kwesi Nduom, Coconut Grove Beach Resort, and Groupe Nduom Limited.
The BoG argues that the applicants failed to comply with mandatory provisions under the court’s 1997 rules (CI 19, as amended), which require specific details of alleged legal errors to be clearly stated within a notice of appeal.
Furthermore, the central bank raised objections to the appellate court’s finding that the regulator should have reviewed the report of its appointed advisor prior to withdrawing the license.
Through the current application, the BoG is requesting the Supreme Court to dismiss the appellate judgment, allow its appeal against the High Court’s initial findings, and restore the High Court ruling that originally dismissed Groupe Nduom’s lawsuit.
The move follows the central bank’s announcement earlier this week that it was consulting with external legal counsel and the Receiver of the defunct financial institution regarding its next steps.
The legal dispute stems from August 2019, when the BoG revoked the license of GN Savings and Loans, which had been reclassified from GN Bank Limited earlier that year, during the financial sector clean-up exercise.
This prompted structural legal challenges from shareholders.
The Court of Appeal recently issued a unanimous decision overturning a previous High Court ruling, ordering the Receiver to return management control and corporate assets back to the shareholders
