‘Justice delayed again’ — Paa Kwesi Nduom reacts after court affirmed BoG’s revocation of GN Bank license

A Human Rights Court in Accra has dismissed the application filed by Dr Papa Kwesi Nduom, GN Savings and Loans, and another for human rights breaches by the Bank of Ghana (BoG) in revoking the Bank's license.

Dr. Paa Kwesi Nduom, CEO of the Nduom Group of companies which owned GN Bank, has reacted to the court's decision, accusing government of using the law and regulatory bodies to target political opponents.

In a post via Facebook on Wednesday, January 24, Dr. Nduom said "This is what the Americans call lawfare. In Ghana, we could call it fratricide. Citizens killing citizens. In our opinion, our law courts have been used to delay Justice AGAIN."

The court ruled that the BoG was right to revoke GN Bank's license in 2019 after determining that the bank was insolvent and had failed to meet the required capital adequacy ratio.

However, Dr. Nduom argued that "How can a court rule that a bank is insolvent when the government that controls the bank's regulator refuses to pay the money it owes that bank and related companies?"

He claimed that if the government had paid the debt it owed to GN Bank and related companies, the capital adequacy ratio would have been met.

"Everyone can see that a fast growing indigenous company was closed primarily to erase political and economic competition," Dr. Nduom added.

The Nduom Group founder says he will appeal the court's decision, insisting that "It is justice delayed not denied."