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Business News of Saturday, 28 March 2020


GN Savings trial: Court issues final order to BoG, others to file defences

Chief Executive Officer, GN Savings and Loans, Dr. Papa Kwesi Nduom Chief Executive Officer, GN Savings and Loans, Dr. Papa Kwesi Nduom

An Accra High Court on Friday gave final orders to the Bank of Ghana, the Attorney-General and the Receiver of GN Savings to file their defences and addresses to the case against them.

The Human Rights judge, Justice Gifty Addo Adjei, made the orders after she dismissed an application by Bank of Ghana for a stay of the court proceedings pending an appeal which Bank of Ghana had filed.

The Bank of Ghana (BoG) filed an earlier application to challenge the jurisdiction of the High Court. The High Court in its December 2019 ruling, disagreed with the BoG’s position and held that the court had jurisdiction to hear the case.

The BoG lawyers, not happy with this judgement, filed an application for stay of proceedings to enable them appeal the decision of the High Court at the Appeal’s Court.

This application is what the High Court Judge, Justice Gifty Addo Adjei has dismissed on the grounds that the applicant (BoG) failed to show exceptional circumstances.

All parties were directed to file their written submissions within 18 days. The case was adjourned to April 22, 2019.