Following a recent High Court decision reversing the Bank of Ghana's (BoG) revocation of CDH Savings and Loans' license, a BoG source has confirmed that the Bank plans to appeal.
The High Court, led by His Lordship Justice Nana Brew, ruled that the BoG's final directive for CDH to liquidate assets to address solvency and liquidity issues was "unreasonable and unfair." The ruling did not address the repeated notices BoG sent to CDH Savings and Loans to rectify its Capital Adequacy Ratio (CAR), which had persistently fallen below the minimum requirement.
According to sources, CDH Savings and Loans did not act on these notices, despite facing significant liquidity challenges that posed broader systemic risks.
The BoG's final two-week notice for asset liquidation was, reportedly, one of several measures extended to CDH Savings and Loans before its license was revoked.