Supreme Court Asserts High Court’s Jurisdiction in GN Bank/Savings Lawsuit against Bank of Ghana.

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Supreme Court Asserts High Court’s Jurisdiction in GN Bank/Savings Lawsuit against Bank of Ghana

In a significant ruling, the Supreme Court has upheld the jurisdiction of the High Court in the lawsuit filed against the Bank of Ghana (BOG) by Dr. Papa Kwesi Nduom and two other shareholders of GN Bank/Savings. The legal battle, initiated in August 2019 following the revocation of the GN Bank/Savings license, has seen multiple challenges to the court’s authority.

The contention arose when the Bank of Ghana questioned the High Court’s jurisdiction, citing the Banking Act, which stipulates that disputes arising from license revocation fall under the purview of arbitration, not litigation before a court. Despite the Bank of Ghana’s arguments, the High Court stood firm in its position and proceeded with the case.

Dissatisfied with the High Court’s ruling, the Bank of Ghana pursued the matter further, taking it to the Court of Appeal. Subsequently, the Court of Appeal ruled in favor of the Bank of Ghana. However, this was not the end of the legal saga, as Dr. Nduom appealed the Court of Appeal’s decision, leading to the recent landmark verdict by the Supreme Court on July 19, 2023, affirming the High Court’s jurisdiction.

With the Supreme Court’s ruling, the case will now be returned to the High Court for further proceedings and a ruling on the main motion. The decision has significant implications for the ongoing legal battle, bringing the focus back to the High Court for its final judgment on the matter.

In response to the latest development, Dr. Papa Kwesi Nduom expressed his determination to continue the fight for justice and the restoration of GN Bank/Savings’ license. In a brief statement, he asserted that the battle was far from over. Dr. Nduom emphasized the importance of reclaiming the bank’s license and the responsibility they have to rebuild “the People’s Bank.” He outlined their mission to provide formal and secure banking services to every individual in Ghana, regardless of their location.

Reflecting on the bank’s arduous journey, which took almost two decades to build, only to be dismantled in a single day through license revocation, Dr. Nduom highlighted their national duty to rebuild it step by step. He expressed confidence that the end result would be an even stronger and improved bank than what was lost.

The Supreme Court‘s verdict has now set the stage for the High Court to adjudicate the case and determine the fate of GN Bank/Savings. As stakeholders await the High Court’s ruling, the impact of this legal battle on the Ghanaian banking landscape remains a subject of keen interest and observation. The outcome of this case will undoubtedly shape the future of GN Bank/Savings and may set significant precedents for similar legal disputes in the financial sector.

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