The Supreme Court has upheld the decision of the High Court, confirming that the latter has jurisdiction over the lawsuit filed against the Bank of Ghana (BoG) in August 2019 by the founder of GN Bank, Dr Papa Kwasi Nduom.

This is after a 3-member panel of the Court of Appeal unanimously upheld the Bank of Ghana’s (BoG) application that a suit by Dr. Papa Kwesi Nduom, owner of GN Bank against the BoG’s revocation of license be referred to Arbitration.

Dr. Nduom had filed a suit against the revocation of licenses of the GN Bank and some 2 stakeholders.

The Bank of Ghana had argued that the High Court lacked jurisdiction to hear the case, citing the Banking Acts, which stated that disputes arising from revoked licenses should be resolved through arbitration, not through the court system.

However, the High Court disagreed and continued to hear the case and after some hearings, presiding judge, Justice Gifty Addo-Adjei announced in 2020 that she was ready to give her decision on the case but the lawyers of the central bank applied for a stay of proceedings at the Appeals Court.

The Appeals Court upheld the application, indicating that per section 142 of Act 930, the forum for such a challenge is arbitration and not the court.

Dr. Nduom subsequently filed a motion at the Supreme Court to challenge the Appeals Court’s decision leading to the ruling delivered on July 19, 2023.

Wednesday’s ruling by the Supreme Court clears the way for the High Court to proceed with its judgment in the case involving the Bank of Ghana and Nduom.

The case has now been returned to the High Court for a decision on the main motion filed.

Reacting to the Supreme Court's decision, Dr. Nduom expressed gratitude to the highest court for the ruling.
"On behalf of my entire family and all Groupe Nduom employees, I wish to thank the Lord our God. It is He who has made this day possible.

To the 5-member panel who reviewed our complaint and agreed with us, we thank you for restoring our faith in the judicial system. To our brilliant and highly professional counsel Justice Srem-Sai, we say well done!" he said as stated.

While acknowledging the victory, Dr. Papa Kwasi Nduom emphasized that the battle is not over. He said he is committed to rebuilding the GN Bank and delivering safe and accessible banking services to every individual in Ghana.

NW/WA
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