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for asset liquidation was, reportedly, one of several measures extended to CDH Savings and Loans before its license was revoked.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
-
Let us consider the future of Ghana and vote for visionary Bawumia – Queenmother of Bechem
45 seconds -
CSIR-SARI showcases stress-tolerant, hybrid maize to farmers
15 mins -
World Stroke Day 2024: Collective Action needed for stroke prevention and treatment
28 mins -
EC urged to ensure timely release of information to combat misinformation
35 mins -
40th Farmers’ Day celebration scheduled for November 8, 2024
46 mins -
Ghana Maritime Authority denounces allegations of license sabotage as ‘false and mischievous’
3 hours -
ADB temporarily closes Bawku branch amid rising security concerns
4 hours -
BoG to appeal court ruling on CDH Savings and Loans license revocation
4 hours -
Mozambique social media restricted as runner-up in hiding
4 hours -
Outrage in Nigeria as young suspects collapse in court
4 hours -
Russia fines Google more money than there is in entire world
4 hours -
Botswana’s politician who did the unthinkable
5 hours -
14 dead in Serbia railway station canopy collapse
5 hours -
Ecobank-JoyNews Habitat Fair empowers homebuyers with exclusive discounts and expert advice
6 hours -
#GPL 2024/25: Hearts silence Medeama in Tarkwa with two second half goals
6 hours