The High Court (Human Rights Division) has quashed the Bank of Ghana’s (BoG) revocation of the operating license of Ideal Finance Limited.
The ruling, which was delivered on Monday, March 10, marks a major victory for the defunct financial institution in its legal battle against the central bank.
The court ruled that the Bank of Ghana failed to exhaust the proper procedures required for the revocation of Ideal Finance’s licence.
The BoG had revoked Ideal Finance’s licence as part of its financial sector cleanup exercise, citing insolvency and poor governance structures.
However, the court ruled that the revocation was unjustified, effectively restoring the company’s legal standing.
