The Court of Appeal has granted the Bank of Ghana (BoG) leave to file its written submissions in the case in which Dr Papa Kwesi Nduom is challenging the license revocation of GN Savings and Loans Company Limited.

A three-member panel of the second highest court which granted the leave today (Feb 10) gave the BoG seven days to file the written submissions.

Per the orders of the court, the parties in the case also have seven days to file their response, if any, to the written submissions that would be filed by the BoG.

The application for extension of time to file written submissions was filed by counsel for the BoG, Kweku Boamah Kwakye.

The case at the Court of Appeal is challenging the High Court’s decision by Justice Gifty Agyei Addo, which upheld the revocation of the financial company’s license. 

Dr Nduom was represented by Dr Nana Kweku Ndoum, while the Coconut Grove Beach Resort and Conference Centre Limited was  represented by Barbara Brown with Nana Ofori Owusu, Vice President at Groupe Ndoum, representing the Groupe.

The Bank of Ghana was also represented by Marcus Owusu Peprah, an in-house counsel. 

Background

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

Seven months later, August 16, 2019, the BoG, then under the leadership of Dr Ernest Addison, revoked the operating licence of GN Savings and Loans Company Limited and appointed Eric Nana Nipah as Receiver as part of the banking sector clean-up exercises.

The same month, Groupe Nduom, owners of GN Savings and Loans Company Limited, led by Dr Papa Kwesi Nduom, challenged the revocation of the licence in the High Court, Accra.

On January 24, 2024, Justice Addo, upheld the revocation of licence.

It is this judgment of the High Court that the owners of GN Savings and Loans Company Limited, led by Dr Papa Kwesi Nduom, are challenging at the Court of Appeal.