GN Bank collapse: Nduom secures favourable Supreme Court ruling

The legal dispute stems from the revocation of the GN Bank/Savings licence, which led Dr. Papa Kwesi Nduom and others to sue the Bank of Ghana and others in 2019.

Ghana’s Supreme Court has upheld the decision of the High Court, asserting its jurisdiction over the long-standing lawsuit filed against the Bank of Ghana (BOG) in August 2019.
The ruling allows the case to proceed to its final judgment.

The legal dispute stems from the revocation of the GN Bank/Savings licence, which led Dr. Papa Kwesi Nduom and others to sue the Bank of Ghana and others in 2019.

The BoG contested the jurisdiction of the High Court, citing the Banking Acts, which stipulate that such matters should be resolved through arbitration, not in a court of law.

However, the High Court maintained its stance, continuing to hear the case, prompting the Bank of Ghana to take the matter to the Appeals Court, where they emerged victorious.

Unyielding in their pursuit of justice, Dr. Nduom and his legal team appealed the Appeals Court’s decision, ultimately leading to the recent ruling by the Supreme Court in their favour.

Following the Supreme Court’s decision, Dr. Nduom expressed gratitude on behalf of his family and Groupe Nduom employees, attributing the outcome to the grace of God.

He commended the five-member panel for supporting their cause and expressed appreciation to their legal counsel, Justice Srem-Sai, for their professionalism.

Despite the victory, Dr. Nduom acknowledged that there were no winners in this prolonged legal battle, as shareholders, employees, the government, and customers endured six years of uncertainty, job losses, health challenges, and, sadly, even loss of life.

Looking forward, Dr. Nduom emphasised the shared responsibility to rebuild “the People’s Bank” and extend secure banking services to every Ghanaian.

He expressed eagerness to work collaboratively with the Bank of Ghana to achieve this goal.

Dr. Nduom concluded by expressing determination to restore the bank to its former glory, a process that may take time but is crucial in serving the nation effectively.

Amidst the challenges faced, he emphasised the importance of focusing on the future, working diligently, and maintaining a positive approach.

With the Supreme Court’s ruling now solidifying the jurisdiction of the High Court, all eyes turn to the High Court Judge, Justice Gifty Addo-Adjei, who is set to deliver the final ruling on the main motion filed.