Accra: The Court of Appeal has granted the Bank of Ghana (BoG) leave to file its written submissions in the case where Dr Papa Kwesi Nduom, the founder of GN Savings and Loans Company Limited, is challenging the revocation of the company's licence.
According to Ghana Web, the court's orders stipulate that after BoG submits its written arguments, the parties involved in the case have seven days to file their responses, if any. The decision was made by a three-member panel of the Court of Appeal on February 10, 2026, granting the BoG seven days to file its submissions.
The Bank of Ghana's counsel, Kweku Boamah Kwakye, moved the application for an extension of time to file the written submissions. The case before the Court of Appeal contests the High Court decision by Justice Gifty Agyei Addo, which supported the revocation of GN Bank's licence.
GN Bank's licence was revoked in 2019 by the central bank. This action was part of a broader effort to protect depositors' funds and stabilise the country's financial sector. The revocation was due to the bank's non-compliance with crucial financial regulations, which impacted its operational capacity, including deficiencies in capital adequacy, liquidity requirements, and risk management controls.
In the legal proceedings, Dr Nduom was represented by Dr Nana Kweku Ndoum, while Coconut Grove Beach Resort and Conference Centre Limited was represented by Barbara Brown. Nana Ofori Owusu, Vice President at Groupe Ndoum, represented the Groupe. The Bank of Ghana's representation was handled by its in-house counsel, Marcus Owusu Peprah.