BoG to appeal against court ruling on uniCredit

The Bank of Ghana (BoG) is set to appeal against the court ruling that went in favour of uniCredit Ghana Limited.

On 7th July 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 Human Rights Court dated 18th March 2021 which held that the regulator followed the relevant law and due process in revoking the licence of Unicredit Ghana Limited.

The Bank of Ghana appears to stand by its decision to revoke the licence as it has instructed its lawyers to appeal against the decision in the interest of promoting financial stability.

The Receiver of Unicredit Ghana Limited will continue to perform his statutory functions while appeal processes are filed by the Bank.

source: 3news