Court of Appeal overturns BoG’s revocation of uniCredit licence
Court of Appeal has ruled as an unlawful exercise of power, the revocation of the licence of uniCredit Ghana Limited, one of the many firms under the HODA Group.
The unanimous decision was taken by the three-member bench chaired by Justice Gbiel Suurbaare on Thursday, 7 July 2022.
The other members of the panel are Justices Merley Afua Wood and Janapare Bartel.
The Bank of Ghana (BoG), on 16 August 2019, with effect from that same day, revoked the licences of 23 insolvent savings and loans companies and finance house companies including GN Savings and Loans belonging to businessman Dr Papa Kwesi Nduom and uniCredit belonging to Dr Kwabena Duffuor’s HODA Group.
The Central Bank’s action was taken pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to revoke the licence of a Bank or Specialised Deposit-Taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent.
The Bank of Ghana appointed Mr. Eric Nipah as the Receiver for the specified institutions in line with section 123 (2) of Act 930.