The Supreme Court of Ghana has unanimously overturned the Court of Appeal’s decision, affirming that the Bank of Ghana (BoG) acted lawfully in revoking UniCredit Ghana Limited’s license.
This ruling in “The Republic Versus Bank of Ghana, Ex Parte Hoda Holdings Limited” case upholds the original High Court judgment.
The legal saga began on August 16, 2019, when the BoG revoked UniCredit’s license, citing insolvency. Hoda Holdings Ltd, UniCredit’s majority shareholder, promptly challenged this decision through the courts. Initially, the High Court ruled in favor of the BoG in March 2021, validating the central bank’s actions.
However, the case took a turn when the Court of Appeal overturned this decision in July 2022, citing procedural issues in the BoG’s revocation process. This reversal prompted the BoG to escalate the matter to the Supreme Court, leading to the current ruling.
The Supreme Court’s decision effectively concludes this protracted legal battle, affirming that the BoG followed proper procedures and had sufficient grounds to revoke UniCredit’s operating license under the Banks and Specialised Deposit Taking Institutions Act of 2016 (Act 930).
The Supreme Court panel that delivered this landmark ruling consisted of Chief Justice Gertrude Torkornoo (presiding), and Justices Mariama Owusu, Henrietta Mensa-Bonsu, Ernest Gaewu, and Yaw Asare. Their unanimous verdict reinforces the BoG’s authority in regulating financial institutions and ensures stability in Ghana’s banking sector.
