Bank of Ghana to pay GHc2,000 after court throws out case against uniCredit

Bank of Ghana to pay GHc2,000 after court throws out case against uniCredit

- The Court of Appeal has dismissed a case against uniCredit Savings and Loans and fined the Bank of Ghana an amount of GHc2,000

- This comes after the court ruled that the Bank of Ghana had no right to revoke the licence of the company

- To the court, the arguments presented by the Central Bank were not convincing enough

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Information available to shows that the Bank of Ghana (BoG) has been slapped with a GHc2,000 cost by the Court of Appeal.

This comes after the court dismissed its case against HODA Holdings after uniCredit Savings and Loans’ licence had been revoked.

HODA Holdings, the parent company of uniCredit Savings and Loans, then took the BoG to court to challenge the revocation of the licence.

Bank of Ghana to pay GHc2,000 after court throws out case against uniCredit
Dr Ernest Addison, Governor of the Bank of Ghana Source:
Source: UGC

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Before the substantive case was heard, the Bank of Ghana filed an application asking the court to trash the case.

Per a report by, it explained that uniCredit failed to properly invoke the jurisdiction of the court.

The BoG further argued that the applicant ought to have first begun an arbitration process.

According to the court, the bank failed to make a convincing case, hence it's ruling.

The judges who determined the case were Justice Welbourne, Justice Eric Kyei-Baffour, and Justice N. C. A. Agbevor.

Justice Gifty Agyei Addo of the Human Rights Division of the Accra High Court earlier dismissed an application by the bank. The application was intended to halt proceedings initiated against the Central Bank by HODA Holdings.

In other news, Danquah Institute, a policy think-tank, has responded to claims of playing a role in the collapse of banks in Ghana.

According to the institute, it had no hand in the collapse of banks owned by Dr Kwabena Duffuor or Dr Paa Kwesi Nduom.

Until the collapse of their banks, the two men owned uniBank Ghana Limited and GN Bank.

READ ALSO: Gov't to soon roll out packages for unemployed Ghanaians - Finance Minister

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Source: Yen

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