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The Supreme Court has ruled that the Bank of Ghana (BoG) did not make any errors in revoking the license of UniCredit Ghana Limited.
A five-member panel, led by Justice Gertrude Sackey Torkornoo, unanimously affirmed this decision, Asaaseradio.com reports.
The Supreme Court overturned the Court of Appeal's decision and upheld the High Court's ruling in the case of the Republic versus Bank of Ghana, Ex Parte Hoda Holdings Limited.
On March 18, 2021, Justice Gifty Agyei Addo of the High Court ruled in favour of the Bank of Ghana, stating that UniCredit was insolvent before its license was revoked.
UniCredit had received multiple notices from the BoG to address its capital deficiency, with warnings that failure to comply would result in the exercise of powers under section 123 of Act 930.
The High Court concluded that the Bank of Ghana followed due process and acted correctly in revoking UniCredit's license. The court confirmed that the BoG's actions were in line with Act 930.
UniCredit Ghana Limited was declared insolvent by the Bank of Ghana on August 16, 2019, leading to the revocation of its license under section 123 of Act 930.
Hoda Holdings Limited, the majority shareholder of UniCredit, sought a judicial review of the BoG's decision at the High Court's Human Rights Division.
They also requested an injunction to prevent the BoG from interfering with UniCredit's operations. After the Court of Appeal ruled in favour of Hoda Holdings Limited on July 7, 2022, the Bank of Ghana appealed to the Supreme Court.
The Supreme Court ultimately upheld the High Court's ruling, confirming that the BoG acted within its legal authority when revoking UniCredit's license.
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