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This comes after the three defendants all failed to file their responses as required by the court.
The BoG revoked the licences of GN Savings and 22 other savings and loans companies and finance house companies in August last year.
In a statement, the Central Bank said âGN is currently insolvent under Section 123(4) of the Banks and SDIs Act, 2016 (Act 930).â
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The Central Bank, subsequently appointed Eric Nipah, a Partner at Pricewaterhouse Coopers Ghana, as Receiver to see to the liquidation of the companies.
However, Dr. Papa Kwesi Nduom sued the BoG; Finance Minister, Ken Ofori Atta; Attorney General, Gloria Akuffo; and Receiver for GN Savings and Loans.
His lawyers described the revocation as malicious, insisting the BoG deliberately refused to consider the entire portfolio of GN Savingsâ assets in coming to the conclusion that GN Savings was insolvent.
Dr. Nduom, in his statement of claim, stated that GN Savings and Loans was in good standing despite the revocation of its license.
He argued that most of the companyâs funds had been invested in government projects as loans and advances to contractors who government through its ministries and agencies had hired to execute various projects.
He further claimed that the government and state agencies, as of August 14, 2018, owed the company over GH¢600 million.
Dr. Nduomâs lawyers, therefore, prayed the Court to, among other things, quash the decision of the Central Bank to restore GN Savingsâ licence.