[2021]DLSC10788 • July 28, 2021 • Supreme Court •
ASSOCIATION OF FINANCE HOUSES vs. BANK OF GHANA AND ATTORNEY GENERAL
The Plaintiff, Association of Finance Houses, challenged the Bank of Ghana's December 2018 Corporate Governance Directive concerning tenure for Managing Directors, Board Chairs, and Non-Executive Directors of regulated financial institutions. The Plaintiff contended that the directive, issued under sections 56 and 92 of the Banks and Specialised Deposit-Taking Institutions Act 2016 (Act 930), constituted a legislative instrument requiring compliance with constitutional procedures under Articles 111c and 117 of the 1992 Constitution, including laying before Parliament and publication in the Gazette. The Plaintiff argued that failure to comply rendered the directive unconstitutional and void.
read moreKULENDI JSC:- INTRODUCTION Before us is a writ invoking the original jurisdiction of this Court brought by the Plaintiff seeking the interpretation and the enforcement of the 1992 Constitution, and appropriate orders and directions to give effect to any orders made. CAPACITY The Plaintiff says that it is a company limited by guarantee and as such brings this action in the capacity of a person under Articles 2(1) and 130 of the 1992 Constitution of the Republic of Ghana. BACKGROUND According to averments made by the Plaintiff, specifically at page 3 of its Statement of Case, this suit is provoked by a “document of the 1st Defendant dated in December 2018 and titled; “Explanatory Notes on the Revised Corporate Governance Directive issued in December 2018” and the "Corporate Governance Directive of 2018.” These Documents, and not “document”, are referred to by the Plaintiff as “the directives” and while the Plaintiff says that both the explanatory notes and ...