The Court of Appeal has declared the decision of the Bank of Ghana to revoke the license of uniCredit Ghana Limited as an unlawful exercise.
On Thursday, July 7, 2022, the Court of Appeal, ruled in favour of shareholders of uniCredit Ghana Limited seeking to reverse the Bank of Ghana’s decision to revoke the company’s savings and loans licence in 2019.
By its ruling, the Court of Appeal reversed the earlier decision of the High Court in Accra, Human Rights Court Division, dated March 18, 2021 which held that the Bank of Ghana followed the relevant law and due process in revoking the license of uniCredit Ghana Limited.
The unanimous decision of the three member panel of the Court of Appeal, was presided over by Justice Gbiel S. Suubaareh with Justice Merley Afua Wood and Justice Janapare A. Bartels.
The Human Rights Division of the Accra High Court presided over by Justice Gifty Adjei Addo had in 2020 dismissed an application for Judicial Review filed by the shareholders of uniCredit, HODA Holding against the BoG following the revocation of the operating license.
Dissatisfied with the decision, lawyers of uniCredit filed an appeal against the judgement of the High Court at the Court of Appeal.
Meanwhile, the Bank of Ghana appears to stand by its decision to revoke the license.
A source at the BoG has told Graphic Online that the bank has instructed its lawyers to appeal against the decision in the interest of promoting financial stability.
The source said the Receiver of uniCredit Ghana Limited will continue to perform his statutory functions while appeal processes are filed by the Bank.