The BoG initially revoked CDH’s license on August 16, 2019, citing liquidity issues stemming from CDH’s failure to sell repossessed collateral, which hindered its ability to fulfill depositors’ withdrawal requests. Following this, CDH’s shareholders, CDH Financial Holdings Limited, contested the revocation, arguing it was procedurally unfair and seeking arbitration to prevent further operational disruptions.
In his decision, Justice Brew referenced Article 23 of Ghana’s 1992 Constitution, underscoring the requirement for fairness in administrative actions.