The Supreme Court has overturned the Court of Appeal’s ruling that the High Court cannot look into the events that led to the Bank of Ghana’s (BoG) withdrawal of its operating license.
The five-member panel of the Apex Court, which was presided over by Justice Gabriel Pwamang, came to the unanimous conclusion that the Court of Appeal erred in making its judgement.
The Court of Appeal concluded in June 2022 that the BoG’s suspension of GN Bank’s license could only be resolved through arbitration after the High Court declared it had jurisdiction.
A three-member panel of the Court of Appeal declared on June 2, 2022, that the High Court cannot look at the case as presented by Dr. Nduom and his legal counsel.
Disgusted by the Court of Appeal’s ruling, Dr. Nduom appealed the verdict to the Supreme Court with the help of attorneys under the direction of Dr. Justice Srem-Sai.
Justice Pwamang’s panel, which also includes Justices Mariama Owusu, Omoro Amadu Tanko, Barbara Ackah-Yensu, and Justice Ernest Yao Gaewu, reached a decision on the case on Wednesday, July 19, 2023, and concluded that the applicants had several channels for resolving their complaints, including the court.
In light of this, the Supreme Court decided that the BoG erred in asserting that the dispute could only be resolved through arbitration.
“It was our view that the High Court was right to dismiss the rights of jurisdiction and to investigate the complaint,” filed by Dr. Nduom and his businesses.
The Court of Appeal erred in its decision on June 7, 2022, according to the Supreme Court, and the “ruling of Court of Appeal is hereby set aside.”
The decision of the Court of Appeal from June 7, 2022 that the termination of GN Bank’s license by the BoG may only be resolved through arbitration was contested by Dr. Nduom, a businessman who also doubles as the founder of the Progressive People’s Party.