The Supreme Court has ruled that the High Court has jurisdiction to hear the case filed by Dr Papa Kwesi Nduom against the Bank of Ghana (BoG).
Dr Nduom and the other shareholders filed the lawsuit in August 2019 following the revocation of GN Bank/Savings’ license by the central bank.
BoG had challenged the High Court’s jurisdiction, citing the Banking Act, which suggests that disputes arising from license revocation should be addressed through arbitration rather than the court system.
However, the High Court disagreed with the Bank of Ghana’s position and continued to hear the case.
Subsequently, the BoG appealed the High Court’s decision at the Court of Appeal and won the case.
Dissatisfied with the Court of Appeal’s decision, Dr Nduom also challenged it at the Supreme Court, leading to the recent ruling in his favour.
A five-member panel of the apex court, in a unanimous decision, said the Court of Appeal erred in its determination on the matter.
The panel held that the applicants had alternative avenues to address their grievances, including the High Court.
The apex court emphasized that the High Court was right in dismissing the argument that it lacked jurisdiction to hear the complaint filed by Dr Nduom and his companies.
The court clarified that the Bank of Ghana’s argument that the matter could only be dealt with through arbitration was premature and incorrect.
As per the Supreme Court’s ruling, the decision of the Court of Appeal on June 7, 2022, has been set aside, giving the High Court the green light to preside over the case.