Receiver of uniCredit to continue functions as BoG appeals ruling on license

BY: Enoch Darfah Frimpong
BoG to appeal court ruling on uniCredit's operating license
BoG to appeal court ruling on uniCredit's operating license

The Bank of Ghana has hinted it will appeal the decision of the Court of Appeal that quashed the revocation of the license of uniCredit Ghana Limited.

On Thursday, July 7, 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 High Court in Accra, Human Rights Court Division, dated March 18, 2021 which held that the Bank of Ghana followed the relevant law and due process in revoking the license of uniCredit Ghana Limited.

Read also: uniCredit wins case on operating license against BoG at Court of Appeal

Meanwhile, the Bank of Ghana appears to stand by its decision to revoke the license.

A source at the BoG has told Graphic Online that the bank has instructed its lawyers to appeal against the decision in the interest of promoting financial stability.

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

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