The Bank of Ghana has filed an appeal at the Supreme Court seeking to challenge the Court of Appeal ruling on the restoration of the GN Savings and Loans license.

According to an application filed at the Supreme Court and seen by JOY BUSINESS, the Bank of Ghana is asking the highest court of the land to set aside the Court of Appeal's judgement.

This is because, according to the Bank of Ghana, the Court of Appeal erred in law when it went ahead "to hear and determine the appeal filed by applicants to the Court of Appeal" (Dr. Papa Kwesi Nduom, Coconut Grove Beach Resort, and Group Nduom Limited).

The Central Bank also stated in its application that Dr. Papa Kwesi Nduom, Coconut Grove Beach Resort, and Group Nduom Limited did not comply with an earlier mandatory provision under the court's Rules, 1997 (CI 19, as amended), which stipulates that particulars of an alleged error of law should be clearly stated in a notice of appeal.

The Bank of Ghana also raised serious concerns over the Court of Appeal's ruling that it should have considered the report of the advisor it appointed before proceeding to withdraw the license of GN Savings and Loans.

The application from the Central Bank also highlighted several instances it described as "particulars of error in law," which it believes strengthen its arguments for the judgment to be dismissed.

The Bank of Ghana, through this application, is asking the Supreme Court to set aside the judgment of the Court of Appeal by allowing the appeal against the High Court judgment and restoring the High Court judgment that dismissed the case brought by Group Nduom Limited together with its chairman, Dr. Papa Kwesi Nduom.

The Bank of Ghana earlier this week indicated that it was awaiting legal advice from its external lawyers and the Receiver of the defunct financial institution before deciding on its next course of action.

However, based on what JOY BUSINESS has gathered, it is clear that the Bank of Ghana has proceeded with the advice from its external lawyers to challenge the ruling at the Supreme Court.

Court of Appeal Ruling

The Court of Appeal, in a unanimous decision presided over by Justice Jerome Noble Nkrumah (Presiding), Justice Francis Achibonga, and Justice Mariama Sammo, ordered the restoration of the license of GN Savings and Loans Company Limited.

The ruling sought to quash the High Court's decision upholding the Bank of Ghana’s revocation of GN Savings and Loans' license.

The court further directed the Receiver, Eric Nana Nipah, to hand back possession, management, and control of the company’s assets and operations to its shareholders, Dr. Papa Kwesi Nduom's Groupe Nduom.

On January 4, 2019, GN Bank Limited was reclassified as a savings and loans company and renamed GN Savings and Loans Company Limited.

On August 16, 2019, the Bank of Ghana revoked its license and appointed a receiver as part of the financial sector clean-up exercise, triggering legal action by Groupe Nduom challenging the decision in court.