The Bank of Ghana has filed an appeal at the Supreme Court to challenge a recent Court of Appeal ruling that ordered the restoration of the license of GN Savings and Loans Company Limited.

According to court documents sighted by JOY BUSINESS, the central bank is asking the Supreme Court to overturn the Court of Appeal’s decision and reinstate the earlier High Court judgment that dismissed the case brought by Groupe Nduom and its chairman, Dr. Papa Kwesi Nduom.

The Bank of Ghana argues that the Court of Appeal made an error in law by proceeding to hear and determine the appeal filed by Dr. Nduom, Coconut Grove Beach Resort, and Group Nduom Limited.

The central bank also claimed that the applicants failed to comply with mandatory court procedures under the Court Rules, 1997 (CI 19, as amended). According to the Bank of Ghana, the applicants did not clearly state the specific errors of law they were relying on in their notice of appeal.

In its application to the Supreme Court, the Bank of Ghana further questioned the Court of Appeal’s view that the central bank should have considered the report of an advisor it appointed before revoking the license of GN Savings and Loans.

The central bank listed several “particulars of error in law” which it believes justify setting aside the Court of Appeal’s judgment.

The latest move confirms that the Bank of Ghana has decided to challenge the ruling after earlier indicating that it was seeking legal advice from its external lawyers and the receiver of the defunct financial institution.

Earlier this week, the Court of Appeal, in a unanimous decision by a three-member panel made up of Justice Jerome Noble Nkrumah, Justice Francis Achibonga, and Justice Mariama Sammo, ordered the restoration of GN Savings and Loans’ license.

The ruling overturned the High Court’s earlier decision which upheld the Bank of Ghana’s revocation of the company’s license.

The Court of Appeal also directed the receiver, Eric Nana Nipah, to return possession, management, and control of the company’s assets and operations to Groupe Nduom.

GN Bank Limited was reclassified as a savings and loans company on January 4, 2019, and renamed GN Savings and Loans Company Limited.

However, on August 16, 2019, the Bank of Ghana revoked its license as part of the financial sector clean-up exercise. The decision later led to a legal battle between the central bank and Groupe Nduom over the legality of the license withdrawal.