The Bank of Ghana and the Attorney General failed to file a defence in the case brought against them by Dr Papa Kwesi Nduom, Chairman of Groupe Nduom over the revocation of the licence of GN Savings and Loans.

Trial judge Justice Gifty Addo-Adjei ordered all the three defendants (the Bank of Ghana, the Attorney General and the Receiver - Mr Eric Nana Nipah), to file their defences by January 17, 2020.

But as of the close of March this year, it was only the Receiver who had filed a defence.

Justice Srem-Sai, Counsel for the applicant, argued that the reason for suppressing the government’s indebtedness to GN Savings was to enable the Central Bank to reach the false conclusion that GN Savings was insolvent.

Dr Nduom swore an affidavit stating that “while disputing the very existence of the IPCs debt-claims in the eyes of the public, the Bank of Ghana has at all times material surreptitiously demanded that GN Savings assign the said IPCs to it.”

He subsequently accused the Bank of Ghana (BoG) and the Minister of Finance of “deliberately and maliciously suppressing” the amount of money that the government owes GN Savings and Groupe Nduom.

The Ministry of Finance, on August 9, 2019, had informed the Bank of Ghana that the government’s total indebtedness to Groupe Nduom was just GHS 30,329,483.84. And this was far below the GHS629,091,335.00, which Groupe Nduom claims government owes.

Dr Nduom then led his group of companies to challenge the revocation of GN Savings and Loans’ licence by the Bank of Ghana.

Dr Nduom is asking the court to quash BoG’s revocation notice and rather restore the licence to GN Savings.

He and the others shareholders are also asking the court for “an order of injunction, restraining the other Respondents, their agents, assigns, privies and workmen howsoever called or described from interfering with the possession, management or control of the assets, operations and other activities of GN Savings and Loans Company Limited.”