The Supreme Court has overturned the Court of Appeal's ruling that the High Court lacks jurisdiction to investigate the circumstances surrounding the revocation of GN Bank's license by the Bank of Ghana (BoG).
In June 2022, the Court of Appeal stated that the matter should be dealt with through arbitration, following the High Court's assertion of jurisdiction over the case filed by Dr. Nduom and his legal team.
Unsatisfied with the Court of Appeal's decision, Dr. Nduom, represented by his lawyers led by Dr. Justice Srem-Sai, challenged the ruling in the Supreme Court.
On July 19, 2023, a five-member panel of the Supreme Court, headed by Justice Gabriel Pwamang, ruled unanimously that the Court of Appeal had erred in its determination. The panel, which also includes Justices Mariama Owusu, Omoro Amadu Tanko, Barbara Ackah-Yensu, and Ernest Yao Gaewu, asserted that the High Court had the right to investigate the complaint filed by Dr. Nduom and his companies.
The apex Court emphasized that the applicants have various avenues to address their grievances, including the Court, and stated that the Bank of Ghana was jumping the gun by arguing that the matter should only be dealt with at arbitration.
The Supreme Court set aside the ruling of the Court of Appeal dated June 7, 2022, stating that the revocation of GN Bank's license should be referred to arbitration. The Court found that the Bank of Ghana's application was not appropriate and that the matter should have been addressed in the High Court.
Dr. Nduom, a businessman and founder of the Progressive People's Party, had challenged the Court of Appeal's decision, arguing that the revocation of GN Bank's license should not be relegated to arbitration.
In summary, the Supreme Court ruled in favor of Dr. Nduom, stating that the High Court has the jurisdiction to investigate the complaint regarding the revocation of GN Bank's license. The Court of Appeal's ruling was set aside, allowing the case to be addressed in the appropriate court.
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