The High Court (Human Rights Division) has quashed the Bank of Ghana’s (BoG) revocation of Ideal Finance Limited’s operating licence. The court delivered the ruling today, March 10, 2025.
According to the court, the Bank of Ghana failed to exhaust the proper procedures required for revoking Ideal Finance’s licence.
On August 16, 2019, the Bank of Ghana revoked the licences of Ideal Finance and 22 other insolvent savings and loans and finance house companies.
These included GN Savings and Loans, First Allied Savings and Loans, Midland Savings and Loans, and Unicredit Savings and Loans.
The central bank claimed these institutions remained insolvent despite being given ample time to recapitalise.
However, the court ruled that the revocation was unjustified.
The licence of the finance institution has been restored, according to the court’s ruling.
By: Rainbowradioonline.com/Ghana.
