The Court of Appeal has overturned the Bank of Ghana’s decision to revoke the license of Unicredit Ghana Limited. The Appeal court described the Central Bank’s decision as an unlawful exercise of its powers.
The three-member court with Justice Bill Sulbare as President was unanimous in his decision to cause the BoG’s revocation of the Unicredit license.
The Central Bank on Friday , August 16, 2019 revoked the licenses of 23 insolvent savings and loans companies and finance houses including UniCredit pursuant to section 123 (1) of the Banks and Specialised Deposit-Taking institutions act.
This provision requires the Bank of Ghana to revoke the license of a Bank or Specialised Deposit-Taking institution where the Bank of Ghana determines that the institution is insolvent.
However, the mother company of UniCredit, HODA Holdings Limited in a writ filed on Monday, August 19, 2019, seek an interlocutory infection against the BoG from interfering with its operations pending arbitration.
Subsequently, in 2020, the Human rights division of the Accra High Court presided over by Her Ladyship Gifty Adjei Addo dismissed the judicial review application filed by HODA Holdings against BoG following the revocation of their operating license.
Dissatisfied with the ruling, Holder Holdings preceded the Court of Appeal to challenge the High Court judgment.
