Ideal Finance Licence Revocation Overturned by High Court

Accra, Ghana - 11 March, 2025 - In a landmark ruling, Ghana's High Court has handed Ideal Finance Limited a significant win, overturning the Bank of Ghana's decision to revoke its operating license. 

In a ruling delivered on Monday, March 10, the court found that the central bank had failed to follow proper procedures when revoking the licence, citing insolvency and poor governance.

The decision marks a major victory for Ideal Finance, which had been fighting the Bank of Ghana's decision since 2019. The court's ruling effectively restores the company's legal standing.

The case has sparked renewed scrutiny of the Bank of Ghana's regulatory actions, particularly in light of its 2019 financial sector cleanup exercise. The exercise saw the revocation of licences for 23 insolvent savings and loans and finance house companies.

The High Court's decision raises questions about the Bank of Ghana's regulatory processes and may have implications for other financial institutions affected by the cleanup exercise.

Source: Lead News Online