THE REPUBLIC vs. BANK OF GHANA EX-PARTE: HODA HOLDINGS LTD.

The appellant, Hoda Holdings Ltd, was the majority shareholder of Unicredit Ghana Ltd, a specialised deposit-taking institution. Following regulatory actions affecting related entities, including the freezing and impairment of investments linked to Unibank and UniSecurities, the Bank of Ghana concluded that Unicredit was insolvent or likely to become insolvent and, by notice dated 16 August 2019, revoked its licence under section 123 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930). Hoda Holdings challenged the revocation by judicial review, contending principally that neither Unicredit, its board, nor its shareholders were given the hearing and notice required by law before the revocation, and that the revocation was therefore procedurally improper and contrary to natural justice. [Portions relied on: “The brief facts of the case are that the Respondent by a notice pursuant to its powers under... Act 930 revoked the operating license of Unicredit Ghana Limited”; and the grounds for the application alleging refusal “to give the Company, its Board of Directors and Shareholders including the Applicant a hearing and notice...”]