The High Court (Human Rights Division) has ruled against the Bank of Ghana’s (BoG) decision to revoke the operating licence of Ideal Finance Limited.
In a verdict delivered on March 10, the court found that the central bank had not followed due legal procedures before withdrawing the company’s licence. As a result, Ideal Finance can now resume operations, marking a major victory for the financial institution.
Ideal Finance was among 23 financial firms whose licences were revoked in 2019 as part of BoG’s financial sector cleanup. The central bank had cited insolvency and poor governance as key reasons for the move. However, the court determined that BoG failed to exhaust the required legal processes before taking action, leading to the reversal.
This ruling could have broader implications, as it may encourage other affected institutions to challenge BoG’s regulatory decisions.
