An Accra High Court has overturned the Bank of Ghana's (BoG) 2019 decision to revoke the operating license of CDH Savings and Loans Company Limited.
According to the court, both parties should resolve the issue through arbitration.
Delivering the ruling on November 1, 2024, Justice Brew criticised BoG's approach, emphasising the constitutional requirement for fair and reasonable administrative actions.
The Court found BoG's two-week deadline for CDH to liquidate assets to address its liquidity challenges "unreasonable and unfair." The BoG originally revoked CDH's license on August 16, 2019, citing liquidity problems linked to CDH's inability to sell repossessed collateral, which prevented it from meeting depositors' withdrawal demands.