Revocation of UniCredit’s license done in accordance with the law-Supreme Court

The Supreme Court has confirmed that the revocation of UniCredit Ghana Limited's license by the Bank of Ghana (BoG) was lawful and followed due process.

The unanimous decision overturned the Court of Appeal's ruling, which had favored UniCredit's majority shareholder, Hoda Holdings Limited.

The Supreme Court found that UniCredit was given adequate notice and opportunity to rectify its financial deficiencies before its license was revoked for insolvency under Act 930.

The High Court's initial ruling supporting BoG's actions was thus reinstated, affirming that the license revocation and subsequent receivership were legally sound.