This comes after the CEO challenged the decision by the BoG to revoke the license of GN savings and loans company.

Lawyers for the central bank on Wednesday, October 16, 2019, applied for the court to refer the case to arbitration and to make a declaration that the jurisdiction of the court is wrongly invoked.

According to the lawyers, the court's jurisdiction has been wrongly invoked because a case involving insolvency of a financial institution and license revocation must be taken to arbitration before proceeding to the high court if a party feels aggrieved.

So far, the third respondent in the substantive case, Eric Nana Nipa is yet to file any motion.

Background

At a short hearing, Justice Gifty Adjei Addo adjourned the case to 24th of October for the Applicant to move the motion.

Chairman of Groupe Nduom (GN), Dr Papa Kwesi Nduom, sued the central bank demanding it restores the licence of GN Savings and Loans.

Others attached to the suit are Finance Minister, Ken Ofori-Atta; Attorney General, Gloria Akuffo and the receiver of GN Savings and Loans Eric Nana Nipah.

Dr Nduom argued that GN Savings is not the only solvent but would be highly liquid if the Finance Ministry and other government agencies quickly pay amounts owed them.