The Court of Appeal has by a unanimous decision upheld the Bank of Ghana’s application that the suit by Dr. Papa Kwesi Nduom and others against the Bank of Ghana’s revocation of the licence of GN Bank be referred to Arbitration.
The Court today June 2nd, 2022, held that per section 141 of the Banks and Specialised Deposit-Taking Institutions Act, 2016, Act 930, the forum for such a challenge is arbitration and not the court.
The Court held further that Dr Nduom and the other applicants had masqueraded their challenge to the decision of Bank of Ghana as a human rights application.
The Court therefore stayed the proceedings at the High Court and referred the matter to the Ghana Arbitration Centre.
The Court of Appeal panel of three Judges led by Justice Henry Coffie, and comprising Justice Eric Baah and Justice Novisi Ayine as members of the panel looked at the case.