An appeal against the Bank of Ghana’s decision to revoke the operating license of the defunct microfinance organization TI Microfinance Limited has been denied by the Court of Appeal.
The court decided unanimously that the judicial review application submitted to the High Court was incorrect in law.
After upholding an appeal by Bank of Ghana (BoG) contesting the High Court’s refusal to issue a preliminary legal objection against the judicial review application, the court made its verdict.
TI Microfinance Limited’s founder, Emmanuel Babuboa, filed a certiorari petition with the High Court, asking the court to overturn the BoG’s decision to cancel the business’ operating license.
According to him, in accordance with Section 16 of Act 930, the Central Bank canceled the financial company’s license without giving it any prior warning.