uniCredit ruling: Shame on BoG – Economist

An economist, Bernard Osei Tutu has asked the people who decided to revoke the banking license of the HODA Group, the operators of Unicredit to bow their heads in shame in the wake of the Appeals Court ruling on the revocation of the licence.

The Court of Appeal has ruled as an unlawful exercise of power, the revocation of the licence of Unicredit Ghana Limited, one of the many firms under the HODA Group.

The unanimous decision was taken by the three-member bench chaired by Justice Gbiel Suurbaare on Thursday, 7 July 2022.

The other members of the panel are Justices Merley Afua Wood and Janapare Bartel.

According to him, the Appeals Court’s ruling to reverse the decision by the Bank of Ghana is shameful to the people who led the chart to have the license of the company revoked.

He said the ruling has thrown rotten eggs on their faces.

Mr Osei Tutu said this while speaking on the evening news analysis programme dubbed 505 hosted by Korku Lumor on Accra-based Class 93.1 FM on Thursday, July 7, 2022.

He said the amounts of money spent on the revocation of the licenses of some nine indigenous banks and several Micro-Finance, Savings and Loans companies forms part of the decision for the government to go to the International Monetary Fund for an economic bailout.

“Whopping amounts of money was spent on such a needless exercise that has come back to haunt the people who took that decision,’ he said.

He accused the government of being unwise in its decision to embark on the banking sector clean-up exercise