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Bank of Ghana to appeal restoration of UniCredit’s licence ruling

On Thursday, July 7, a three-judge panel of the Appeals Court in Accra made a majority decision in favor of the uniCredit Ghana Limited shareholders, concluding that the regulator (BoG) erred and did not follow the proper steps while conducting the action.

However, according to, the Central Bank has given instructions to its attorneys to challenge the Appeal Court’s ruling.

The BoG pointed out that the Court’s decision will not increase financial stability.

The Bank further stated that the Receiver of UniCredit Ghana Limited will continue to carry out his legal obligations while appeals are being made, despite the decision of the Appeals Court.

On August 16, 2019, the Bank of Ghana withdrew the licenses of 23 insolvent savings and loan institutions and finance houses, including GN Savings and Loans, owned by entrepreneur Dr. Papa Kwesi Nduom, and UniCredit, a member of Dr. Kwabena Duffuor’s HODA Group.

In accordance with Section 123 (1) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930), which mandates that the Bank of Ghana revoke the license of a Bank or Specialized Deposit-Taking Institution (SDI) when it determines that the institution is insolvent, the Central Bank took the action in question.

In accordance with section 123 (2) of Act 930, the BoG nominated Mr. Eric Nipah as the Receiver for the designated institutions.

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