In a significant development, the Supreme Court has issued a ruling, granting jurisdiction to the High Court over the high-profile lawsuit filed against the Bank of Ghana (BOG) by Dr. Papa Kwesi Nduom and two fellow shareholders of GN Bank/Savings.
This verdict comes after a lengthy legal battle that began in August 2019 when Dr. Nduom and his co-plaintiffs brought a lawsuit against the Bank of Ghana and others following the revocation of GN Bank/Savings’ license.
During the course of the proceedings, the Bank of Ghana contested the jurisdiction of the High Court, invoking the Banking Act to argue that disputes arising from license revocations fall under the purview of arbitration, rather than litigation in the court system. The High Court disagreed and continued to hear the matter. The Bank of Ghana went to the Court of Appeal and won.
However, Dr. Nduom subsequently appealed the Court of Appeal’s decision to the highest legal authority in the country, the Supreme Court.
On July 19, 2023, the Supreme Court rendered its final judgment, siding with Dr. Nduom and the other plaintiffs, ruling in favor of the High Court’s jurisdiction. This decision marks a critical juncture in the legal proceedings, as the case is now set to return to the High Court for its ultimate ruling on the main motion.
Reacting to this new development 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.”