The Court of Appeal has today declared the decision of the Bank of Ghana to revoke the license of Unicredit as an unlawful exercise of its powers.
The Court has therefore quashed the revocation of Unicredit Ghana Limited’s license which was contained in Bank of Ghana’s notice dated 16th August 2019.
The panel of three presided over by Justice Gbiel S. Suubaareh consequently quashed the revocation exercise of Unicredit Ghana Limited’s license.
The unanimous decision of the Court of Appeal chaired by Justice Suubaareh with Justice Merley Afua Wood and Justice Janapare A. Bartels as panel members was delivered on Thursday, July 7, 2022.
The revocation of unCredit license was contained in Bank of Ghana’s notice dated 16th August 2019.
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 HODA Holding against 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.