The High Court (Human Rights Division) has overturned the Bank of Ghana's (BoG) decision to revoke the operating license of Ideal Finance Limited, marking a significant victory for the defunct financial institution in its long-running legal battle with the central bank.
The ruling, delivered on Monday, March 10, 2025, found that the BoG failed to follow due process in revoking Ideal Finance's license during its 2019 financial sector cleanup exercise, which targeted insolvent institutions.
The central bank had cited insolvency and poor governance structures as reasons for the revocation.
However, the court ruled that the action was unjustified and procedurally flawed, effectively restoring Ideal Finance's legal standing.
