The Court has given the three Respondents one month to file their defence, saying the case was that of a fundamental right action as in Chapter Five (5) of the 1992 Constitution.
It ruled that, it had jurisdiction over the case and adjourned it to January 21, 2020, for judgement on the substantive application.
Justice Gifty Addo Adjei, Presiding over the case, cited the case between Dr Kwabena Duffour and the BoG case, which was overruled for want of legal basis.
On August 16, this year, the BoG issued a notice to revoke the license of GN Savings and 22 other savings and loans companies and finance companies for various reasons.
The BoG stated that GN Savings and Loans Limited was currently insolvent under Section 123(4) of the Banks and SDIs Act, 2016 (Act 930), appointing Mr Eric Nana Nipah, a partner at Price Water House Coopers Ghana, as a receiver to see the liquidation of the companies.
However, Dr Papa Kwesi Nduom together with other shareholders of GN Savings, through their lawyers, filed an application at the High Court to challenge the revocation of GN Savings’ License on August 30, this year.
The lawyers rejected BoG’s claim that GN was insolvent, explaining that the BoG deliberately refused to consider the entire portfolio of the GN Savings’ assets before drawing the conclusion that they were insolvent.
They also filed an application for interlocutory injunction asking the court to restrain the Bank of Ghana and the Receiver from acting in a way that may overreach the court’s powers.
The respondents opposed the case, arguing that the proper place to challenge the revocation was the Ghana Arbitration Centre and not the High Court.
The Court dismissed the objection of the BoG and the Attorney-General, which the respondents would have no choice, but to justify their decision to revoke GN Savings’ License.