The Court of Appeal has dismissed an application challenging the revocation of the operating license of a defunct microfinance company, TI Microfinance Limited, by the Bank of Ghana (BoG).
The court in a unanimous decision was of the view that the judicial review application filed before the High Court was wrong in law.
The court gave the decision after it upheld an appeal by BoG challenging the decision by the High Court not to grant a preliminary legal objection against the judicial review application.
Founder of TI Microfinance Limited, Emmanuel Babuboa, filed an application for certiorari at the High Court urging the court to quash the decision of the BoG to revoke the operating license of the company.
According to him, the Central Bank revoked the license of the financial company without any notice in conformity with Section 16 of Act 930.