Court Of Appeal Dismisses BOG’s Appeal In GN Savings Case – BOG Ordered To Justify Its Revocation Of Licence

The Court of Appeal on Monday 22nd June 2020, dismissed an appeal by the Bank of Ghana, which challenged the jurisdiction of the High Court in hearing the suit filed by GN Savings and Loans over the revocation of its license.

The BOG argued that the only lawful forum for resolving the GN Savings concerns is the Ghana Arbitration Centre. However, the High Court dismissed its application in December 2019 thereby compelling the BoG to seek redress at the Court of Appeal.

Ruling on the matter, the Court of Appeal, presided over by Justice Ackah Yensu, ably supported by Justices L.L. Mensah and Anthony Oppong unanimously dismissed the application, and directed BOG to go back to the High Court and justify the revocation of the license of GN Savings.

In October 2019, BoG and the Attorney-General raised a preliminary legal objection to the case brought by Dr Papa Kwesi Nduom and two other shareholders of GN Savings and Loans Limited. In the objection, the BoG and the Attorney-General argued that the High Court has no jurisdiction to hear the complaint which is challenging the revocation of GN Saving’ licence.

Lawyer for GN Savings, Justice Srem-Sai, expressed concern about BoG’s legal gymnastics, which he said are all aimed at stalling the progress of the case and thereby perverting the course of justice.

Source: GhanaFeed.Com