The Supreme Court has awarded businessman and politician, Paa Kwesi Ndoum permission to appeal GN Bank’s license revocation to the High Court.
This comes after the Supreme Court overturned an earlier ruling by the Court of Appeal that barred it from fighting the revocation in the High Court.
GN Bank, which operated under the Groupe Nduom brand, was one of several financial firms whose licenses were terminated in 2018 as part of a banking sector clean-up effort.
Paa Kwesi Nduom, the bank’s founder, filed an action in the High Court to challenge the revocation.
However, respondents in the case, including the Bank of Ghana, asked the Court of Appeal to rule that the proper mechanism for disputing the revocation under the Specialized Deposit-Taking Institutions Act is through arbitration.
The Court of Appeal granted their application, suspended the proceedings in the High Court, and ordered the parties to arbitrate.
Following the Court of Appeal’s judgment, Groupe Nduom petitioned the Supreme Court for a reconsideration of the Court of Appeal’s decision.
After hearing the case, the Supreme Court ruled in favor of Paa Kwesi Nduom.