According to a Citinews report, the High Court (Human Rights Division) has ruled against the Bank of Ghana's decision to revoke the operating licence of Ideal Finance Limited, delivering a major blow to the central bank's financial sector cleanup exercise.
In its judgment on Monday, March 10, the court held that the Bank of Ghana failed to follow due process before stripping the company of its licence.
The ruling effectively restores Ideal Finance's legal standing and raises fresh concerns about the fairness of the regulator's actions.
The revocation of Ideal Finance's licence was part of a broader effort by the Bank of Ghana to stabilize the financial sector, with the central bank citing insolvency and weak governance as key reasons for shutting down multiple financial institutions.
