High Court Reinstates Ideal Finance’s Operating License
The Human Rights Division of the High Court has ruled against the Bank of Ghana’s (BoG) decision to revoke the operating license of Ideal Finance Limited, citing due process violations.
The judgment, delivered on Monday, March 10, 2025, is a major victory for the defunct financial institution, which has been contesting the central bank’s decision in court.
Court Declares BoG’s Actions Unlawful
According to the ruling, the BoG failed to exhaust the proper legal procedures before revoking Ideal Finance’s license. This oversight rendered the central bank’s decision unjustified and effectively restored the company’s legal standing.
Background: Ghana’s Financial Sector Cleanup
In August 2019, the Bank of Ghana revoked the licenses of 23 financial institutions, including:
- Ideal Finance
- GN Savings and Loans
- First Allied Savings and Loans
- Midland Savings and Loans
- Unicredit Savings and Loans
The central bank justified the move by citing insolvency, stating that these institutions failed to recapitalize despite multiple engagements. The decision was part of a broader effort to stabilize Ghana’s banking sector. Read more about Ghana’s financial sector cleanup.
What This Means for Ideal Finance
With the court ruling in its favor, Ideal Finance may resume operations, pending further legal and regulatory clarifications. However, the BoG could appeal the decision or explore alternative resolutions.
The ruling has sparked discussions on whether other affected institutions could challenge similar actions taken during the financial sector cleanup. See how financial institutions navigate legal disputes.
What’s Next?
It remains to be seen whether the Bank of Ghana will challenge this ruling. If the decision stands, it could set a precedent for other financial institutions that lost their licenses during the cleanup.
Stay updated as this story develops. Follow Ghana’s financial news.