\n
A High Court in Accra has overturned the Bank of Ghana\u2019s (BoG) 2019 decision to revoke the operating licence of CDH Savings and Loans Company Limited, ordering both parties to resolve the issue through arbitration.<\/p>\n
Justice Brew\u2019s ruling, issued on November 1, 2024, criticized the BoG\u2019s approach, underlining the constitutional requirement for fair and reasonable administrative actions.<\/p>\n
The Court noted that the BoG\u2019s two-week deadline for CDH to liquidate assets to address its liquidity challenges was \u201cunreasonable and unfair.\u201d<\/p>\n
BoG had originally revoked CDH\u2019s licence on August 16, 2019, citing liquidity issues stemming from CDH\u2019s failure to sell repossessed collateral.<\/p>\n
This, the central bank argued, led to an inability to meet withdrawal demands from depositors.<\/p>\n
In response, CDH\u2019s shareholders, CDH Financial Holdings Limited, challenged the decision in court, seeking to have it quashed on grounds of procedural unfairness and to prevent any further disruption to its operations until arbitration.<\/p>\n
In his ruling, Justice Brew referenced Article 23 of Ghana\u2019s 1992 Constitution, underscoring that administrative actions must uphold fairness.<\/p>\n
By overturning the BoG\u2019s licence revocation, the ruling reinforces legal protections for businesses facing regulatory actions and emphasizes the importance of due process in Ghana\u2019s financial sector.<\/p>\n
The case now heads to arbitration, where CDH and the BoG are expected to negotiate a resolution.<\/p>\n
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High Court reverses BoG\u2019s revocation of CDH Savings and Loans licence\u00a0 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/11\/01\/high-court-reverses-bogs-revocation-of-cdh-savings-and-loans-licence\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"High Court reverses BoG\u2019s revocation of CDH Savings and Loans licence\u00a0 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"A High Court in Accra has overturned the Bank of Ghana\u2019s (BoG) 2019 decision to revoke the operating licence of CDH Savings and Loans Company Limited, ordering both parties to resolve the issue through arbitration. 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