Ghana’s Supreme Court has unanimously ruled that the Bank of Ghana (BoG) acted correctly when revoking UniCredit Ghana Limited’s licence.
On August 16, 2019, the central bank declared UniCredit Ghana insolvent and revoked its licence. HODA Holdings Limited, the majority shareholder of UniCredit, sought judicial review and an injunction against this decision.
The high court ruled on March 18, 2021, in favour of the BoG, citing evidence of UniCredit’s insolvency prior to the licence revocation and numerous notices served by the central bank to rectify capital deficiencies.
The court of appeal later overturned this decision on July 7, 2022, stating that the Bank of Ghana failed to follow the procedure in section 16(3&4) of Act 930, which would have provided UniCredit with a hearing before its licence was revoked.
The Supreme Court’s latest ruling reaffirms that the BoG’s actions were in accordance with Act 930, upholding the high court’s decision and validating the revocation of UniCredit’s licence.
Source: Daily Mail GH
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