THE REPUBLIC vs. BANK OF GHANA EX PARTE: JOSEPH APOR ADJEI, PHILIP HOMIAH & LINDA ESHUN

JUDGMENT SACKEY TORKORNOO CJ:- Background On 8th October 2019, four natural persons and a company called Boin Microfinance Ltd, commenced an application for judicial review pursuant to Order 55 of the High Court Civil Procedure Rules 2004 CI 47. The application sought an order of certiorari to quash a decision of the Bank of Ghana – the 1st Respondent to the application. Three of the natural persons were supposed to be shareholders of the company, which was the 1st Applicant. The three shareholders were the 2nd, 3rd and 4th Applicant. The 5th Applicant was the chairman of the board of directors of the 1st Applicant. According to the applicants, the Governor of Bank of Ghana issued a decision on 31st May 2019 revoking the operating license of hundreds of ‘insolvent microfinance companies’ and appointing a receiver for regulation of the ‘insolvent’ companies. In the supporting affidavit, the applicants insisted that the 1st Applicant was not insolvent, and that the compan...