The Court of Appeal is expected to hear tomorrow the long-running appeal filed by GN Savings and Loans Limited against the revocation of its operating licence by the Bank of Ghana, a decision that has remained one of the most contentious outcomes of the country’s financial sector clean-up.
The case, which has drawn renewed public attention, stems from the central bank’s decision to withdraw the licence of GN Savings and Loans in 2019, citing regulatory breaches and capital adequacy concerns. The move led to the closure of the institution and the disruption of services to thousands of customers across the country.
Founder and Group Chairman of the Groupe Nduom, Dr Papa Kwesi Nduom, has consistently challenged the decision, describing it as unfair and damaging to both the company and its depositors. He has argued that GN Savings and Loans was solvent at the time of the revocation and had taken steps to address any regulatory issues raised by the Bank of Ghana.
At the hearing scheduled for tomorrow, lawyers for GN Savings and Loans are expected to press the court to overturn the revocation or order appropriate remedies, including compensation. The Bank of Ghana, on the other hand, is likely to defend its action as necessary to protect depositors and maintain stability within the financial sector.
Observers say the outcome of the appeal could have significant implications for ongoing debates about regulatory accountability and the broader financial sector reforms introduced in recent years.
Many affected customers and industry watchers will be closely monitoring proceedings, hopeful that the court’s decision will bring clarity and possible relief after years of uncertainty following the collapse of several financial institutions during the clean-up exercise.
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