General News of Monday, 16 August 2021Source: www.ghanaweb.com• Thaddeus Sory says the Supreme Court unanimous decision directing BoG is bad• He said the court failed to lay a clear-cut precedent to be followed in future• Thaddeus Sory said is an article published by Dennis LawLawyer Thaddeus Sory says the Supreme Court decision that backed the Bank of Ghana’s ability to issue certain directives to banks is bad and problematic. According to him, the Supreme Court got it wrong and also failed to lay a clear-cut precedent to be followed in future. Section 56 of Act 930 empowers the BoG to prescribe rules regarding any matter of corporate governance in banks, specialized deposit-taking institutions, among others. In December 2018, the BoG further directed that, the interest of depositors and other stakeholders is to enhance corporate performance and accountability of the Regulated Financial Institutions. The Association of Finance Houses’ position was rejected by the Supreme Court.

Source: GhanaWeb August 16, 2021 06:11 UTC