BoG prays Supreme Court: overturn ruling restoring GN Savings licence

The Bank of Ghana has appealed to the Supreme Court to overturn a Court of Appeal ruling that ordered the restoration of the operating licence of GN Savings and Loans Company Limited.

According to MyJoyOnline.com, the central bank is asking the Supreme Court to set aside the appellate court’s judgment and reinstate a High Court decision that upheld the revocation of the company’s licence.

The Bank of Ghana argued that the Court of Appeal erred in law by proceeding to hear the case brought by Groupe Nduom and its affiliates, including businessman Dr. Papa Kwesi Nduom, Coconut Grove Beach Resort and Group Nduom Limited.

It said the applicants failed to comply with procedural requirements under Ghana’s Court of Appeal Rules, including provisions requiring clear particulars of alleged errors of law in the notice of appeal.

The central bank also challenged the Court of Appeal’s decision, which it said required consideration of a report by an advisor appointed during the licence revocation process.

In its application, the Bank of Ghana described several aspects of the appellate ruling as errors in law and asked the Supreme Court to dismiss the judgment.

The Court of Appeal had earlier ruled unanimously that the licence of GN Savings and Loans Company Limited should be restored and directed the Receiver, Eric Nana Nipah, to return control of the company’s assets and operations to Groupe Nduom.

The dispute stems from the 2019 revocation of the institution’s licence as part of Ghana’s financial sector clean-up exercise, which saw GN Bank reclassified as a savings and loans company before its closure.

The Bank of Ghana said it had acted on advice from external lawyers and the Receiver before proceeding with the appeal.