The Supreme Court has ruled that the High Court has jurisdiction over the lawsuit filed against the Bank of Ghana (BoG) by Dr Papa Kwesi Nduom and two other shareholders of GN Bank/Savings.
Dr. Papa Kwesi Nduom and the others sued the Bank of Ghana and others, in August 2019 over the revocation of the GN Bank/Savings license.
The Bank of Ghana challenged the jurisdiction of the High Court on the grounds that the Banking Act says that if a license is revoked by the Bank of Ghana, the right forum is Arbitration and not the court.
The High Court disagreed and continued to hear the matter. The Bank of Ghana went to the Court of Appeal and won.
Dr. Nduom appealed the Court of Appeal decision at the Supreme Court and on July 19, 2023, the apex ruled that the High Court has jurisdiction.
Now the case is to return to the High Court for its ruling on the main motion.
In a brief comment after the ruling Dr. Nduom said the battle has not ended. “We want our license back and our task is clear. To rebuild ‘the People’s Bank’ and take formal and safe banking to the doorstep of every person living anywhere in Ghana. It took us nearly 20 years to build our bank only for it to be pulled down in one day. We have a national duty to build it back step by step. The end result will be an even better bank than what was pulled down.”
Source: Graphiconline
