Dr. Papa Kwesi Nduom Reacts to Court Validation of BoG’s License Revocation of GN Bank

Dr. Papa Kwesi Nduom, the head of GN Savings and Loans, has responded to the decision of the Human Rights Court in Accra, which dismissed his application, along with that of GN Savings and Loans, regarding alleged human rights violations by the Bank of Ghana (BoG) in revoking the entity’s license.

The court justified its ruling by stating that the central bank was acting within its lawful mandate in the interest of shareholders and the public, thus absolving it of any wrongdoing.

Although the court acknowledged the applicants’ legal standing and the proper invocation of its jurisdiction, it proceeded to address the substantive issues of discrimination, unreasonableness, unfairness, and violation of the applicants’ administrative rights.

Expressing his dissatisfaction on his Facebook page, Dr. Nduom criticized the legal process for further delaying justice. He questioned the court’s ruling, particularly in a scenario where a bank is declared insolvent while the government, which controls the bank’s regulator, neglects to settle the money it owes the bank and related companies.

Dr. Nduom emphasized the discrepancy in the court’s decision, highlighting the government’s failure to fulfill its financial obligations to the bank and associated entities amidst the determination of insolvency.