BoG’s appeal in GN Savings case dismissed by court

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An application by the Bank of Ghana (BoG), challenging the jurisdiction of the High Court in the case of the GN Savings and Loans company, has been dismissed by the Court of Appeal, presided over by Justice Ackah Yensu with Justices L.L. Mensah and Anthony Oppong, after the central bank argued that the High Court has no jurisdiction to hear the complaint which is challenging the revocation of GN Saving’ licence.

The application was dismissed on Monday June 22.

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

The Court of Appeal unanimously dismissed BoG’s application and directed it to go back to the High Court and justify the revocation of the licence GN Savings.

In October 2019, BoG and the Attorney-General raised a preliminary legal objection to the case brought by the 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. According to the Attorney-General and the Bank of Ghana’s lawyers the only lawful forum for resolving the Applicants’ concerns is the Ghana Arbitration Centre.

This argument was opposed by Mr Srem-Sai.

Source: Laudbusiness.com/Ghana

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