Court to determine judgment date for Nduom vs. BoG lawsuit on Tuesday
14th November 2023 2:31:33 PM
2 mins read
The final ruling in the protracted lawsuit against the Bank of Ghana (BoG), the Attorney General, and the GN Savings Receiver is imminent. Originally, Finance Minister Ken Ofori-Atta was a respondent but was later removed during the proceedings.
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The Accra High Court, presided over by Appeals Court Judge Gifty Agyei-Addo, initially scheduled a judgment for October 26, 2023, but the court did not convene on that day.
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Subsequently, a meeting was held on October 30, 2023, to review the case files. The judge then set November 14, 2023, for all parties to appear in court, with the expectation that the judge would announce the date for her ruling on that day.
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The lawsuit, Nduom and others versus BoG, has been ongoing since August 2019. Dr. Papa Kwesi Nduom and two other GN Savings & Loans shareholders contest the Bank of Ghana's decision to revoke the institution's license, alleging collusion between the Bank of Ghana and the Minister of Finance to "maliciously" understate GN Savings & Loans' assets.
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Dr. Nduom claims that the Governor of the Bank of Ghana, Dr. Ernest Addison, convinced him to request reclassification from a universal bank to a savings and loans institution during a 2019 meeting.
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However, the savings and loans license was abruptly revoked despite promises of an upgrade to universal bank status contingent on government agencies settling outstanding receivables owed to Groupe Nduom companies.
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According to an affidavit deposed to by Dr. Nduom sighted by Today, the Bank of Ghana had reached an “unfounded, unproven, unverified and bizarre conclusion in respect of GN Savings’ financial position” because of their “failure or malicious refusal to take into account GN Savings’ assets that were and are still with the Government and its MDAs.”
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Noteworthy is the fact that the Supreme Court is still considering a case pertaining to GN Savings' asset management. With the value of the assets taken over by the Receiver appointed by the BoG declining, perhaps the Supreme Court will rule on this issue.
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