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UniCredit’s license was revoked wrongly – Court rules

The Court of Appeal has ruled against the Bank of Ghana’s decision to revoke the license of UniCredit Ghana Limited.

According to the Court, the BoG’s decision was an unlawful exercise of its powers.

The three-member Court was unanimous in its decision to quash the Central Bank’s revocation of UniCredit’s license on Thursday, July 7, 2022.

The three members of the Court were Justice Gbiel Suurbaare as President, Justices Merley Afua Wood and Janapare Bartel.

The BoG, on Friday, August 16, 2019, revoked the licences of 23 insolvent savings and loans companies and finance houses including UniCredit, pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

This provision 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.

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