High Court reverses BoG’s revocation of CDH Savings and Loans licence

A High Court in Accra has overturned the Bank of Ghana's (BoG) 2019 decision to revoke the operating license of CDH Savings and Loans, mandating arbitration between the two parties.

Justice Brew criticized the BoG's two-week deadline for CDH to liquidate assets as "unreasonable and unfair," emphasizing the need for fair administrative actions as outlined in Ghana’s 1992 Constitution.

The BoG had revoked CDH’s license due to liquidity issues, but the court's ruling highlights the importance of due process in regulatory actions, reinforcing protections for businesses in the financial sector. The case will now proceed to arbitration.