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for asset liquidation was, reportedly, one of several measures extended to CDH Savings and Loans before its license was revoked.
Citing Act 930, the BoG maintains that the license revocation process was “regularly and lawfully done” to protect financial stability and denies that its actions were either “unfair or unreasonable.”
In light of this, BoG plans to file an appeal in the Court of Appeal to contest the High Court’s ruling, noting that previous license revocations as part of the banking sector cleanup have been upheld by both the High Court and Supreme Court.
Latest Stories
-
Putin says Russia will use new missile again in ‘combat conditions’
2 hours -
We have rescued kidnapped Emirates Airlines Airport Services Manager – Police
2 hours -
Bawumia-branded campaign vehicle burns, occupants escape unscathed
2 hours -
Bawumia, thousands observe ‘Jummah’ prayers as new Walewale Central Mosque is commissioned
3 hours -
Peasant farmers hail Bawumia as Walewale Watermelon Factory is commissioned
3 hours -
Joy FM Prayer Summit for Peace ends in electrifying worship and prayer
10 hours -
The Conscience of Leadership: A call to President Akufo-Addo on Ghana’s environmental devastation
11 hours -
Ghanaian youth unaware of their right to hold politicians accountable – Youth Bridge Foundation
12 hours -
Judge delays Trump sentencing for a third time
12 hours -
2024 WAFCON: Ghana drawn against defending champions South Africa in Group C
12 hours -
Photos from DW-JoyNews street debate on ‘galamsey’
13 hours -
Mimmy Yeboah: Blending heritage with global sophistication, confidence redefined through couture
13 hours -
100 Most Influential People Awards 2024: Brain Hill International School’s Director Mary Anane Awuku honoured
14 hours -
Akufo-Addo commissions 97-km Tema-Mpakadan railway line
14 hours -
Majority requests recall of Parliament
14 hours