The Supreme Court has delivered a significant ruling on July 19, 2023, supporting the jurisdiction of the High Court over a lawsuit filed against the Bank of Ghana (BOG) in August 2019. This ruling upholds the High Court’s decision and sets the stage for further judgment.
The case will now return to the High Court for its ruling on the primary motion filed. Justice Gifty Addo-Adjei, who presided over the High Court and is currently an Appeals Court Judge, expressed her readiness to give her ruling back in 2020.
However, the lawsuit’s progression has been prolonged by various technicalities strategically employed by the lawyers representing the Bank of Ghana, spanning nearly four years.
The lawsuit was initiated by Dr. Papa Kwesi Nduom and others against the Bank of Ghana and others following the revocation of the GN Bank/Savings license in August 2019.
The Bank of Ghana contested the High Court’s jurisdiction, citing that according to the Banking Acts, the appropriate forum for cases involving revoked licenses is arbitration, not the court. Despite this challenge, the High Court continued to hear the matter.
The Bank of Ghana won the case at the Appeal Court, but Dr. Nduom appealed the Court of Appeals’ decision, leading to the recent ruling by the Supreme Court.
In response to the ruling, Dr. Nduom expressed his gratitude, saying, “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.”
He further appreciated the five-member panel for reviewing their complaint and standing in agreement with them, restoring their faith in the judiciary system. Dr. Nduom also praised their legal counsel, Justice Srem-Sai, for their brilliance and professionalism.
Dr. Nduom emphasized that no one emerged as a winner in this legal battle, as shareholders, employees, the government, and customers have all suffered for more than six years due to the uncertainties and indignities resulting from the license revocation. He revealed that they had attempted win-win settlements through petitions to higher authorities, but it didn’t yield results, leaving the courts as their final recourse.
He stressed that their objective is to reclaim their license and rebuild “the People’s Bank,” making formal and secure banking accessible to every individual across Ghana. Despite the challenges they faced, Dr. Nduom is determined to rebuild the bank step by step, with the ultimate goal of creating an even better institution than before.
In a compassionate tone, he expressed that they do not harbor ill feelings towards anyone and are eager to get back to work. Dr. Nduom looks forward to working diligently with the regulator, the Bank of Ghana, to initiate the process of bringing back GN Bank. Their vision is to serve the nation by providing financial services to every corner of Ghana.