central bank accept the paltry sum of GHS30 million from the Ministry of Finance as the truth and use it to declare the bank insolvent? There are many more of such.We were struck by the simple opinion of Justice Agyei-Addo that since many other financial institutions were collapsed by the Bank of Ghana, the central bank did not discriminate against GN Savings by withdrawing its license! Nothing more to add to this.Perhaps, the bomb thrown by Justice Agyei-Addo that will be felt by many for a long time is her suggestion that GN Savings and Groupe Nduom should go after the Ministry of Finance and not the Bank of Ghana to retrieve the accounts receivables they claim. The figures – GHS30 million, GHS644 million, GHS2.2 billion (now GHS5 billion) are going to be reviewed again and again. Thousands of citizens have lost their jobs, some have died, business have closed, directors have suffered harassment and even threats of prosecution because some government officials refused to pay what became due.Justice Gifty Agyei-Addo’s opinion and attempt to separate the central bank from government (are they a private sector organization?) and the Governor Dr. Ernest K. Addison from government agencies that owe Groupe Nduom companies (the Governor is a COCOBOD board member) lacks credibility. She has stirred the hornets’ nest. We sense a long legal battle ahead. Justice Agyei-Addo did not end anything. She has only signaled the beginning of something that if not checked will dent the credibility of government and , further starve the system of much capital needed for development.
