Court reverses Bank of Ghana’s revocation of Ideal Finance’s licence

The High Court (Human Rights Division) has overturned the Bank of Ghana’s decision to revoke Ideal Finance Limited’s operating license, marking a significant victory for the institution.

The court ruled that the BoG failed to follow proper legal procedures before revoking the license, thus restoring Ideal Finance’s legal standing and allowing it to resume operations.

The revocation was originally part of a sweeping financial sector cleanup in August 2019 that closed 23 institutions due to alleged insolvency and poor governance.

Although the cleanup aimed to stabilize the banking system, it faced strong opposition from affected entities and their clients. The decision may set a precedent, prompting scrutiny over the transparency and fairness of the BoG’s regulatory processes in the future.