RULING

ASIEDU, JSC:

[1.0]. My lords, this is an appeal against the judgment of the Court of Appeal delivered on the 23rd November 2022. On the 16th day of October 2019, the Appellant herein, Emmanuel Babuboa, who described himself as a shareholder of TI Microfinance, filed before the High Court, an originating notice of motion, under Order 55 rule 4(1) of the High Court (Civil Procedure) Rules, 2004, CI.47 against the Bank of Ghana as 1st Respondent and the Governor of the Bank of Ghana as the 2nd Respondent. The originating notice of motion was later amended by the Appellant herein by deleting the name of the 2nd Respondent, the Governor of Bank of Ghana. In the said application, the Appellant sought an order for judicial review in the nature of the following reliefs per the amended notice of motion:

(a). A declaration that the decision by the Respondent to revoke the licence of TI Microfinance without complying with the mandatory requirements of section 16(3) of Act 930 renders the said decision null and void and of no legal effect.

(b). A declaration that the decision by the Respondent to revoke the licence of TI Microfinance without complying with section 16(3) of Act 930 contravened articles 23 and 296 of the 1992 Constitution of Ghana and to that extent null and void and of no legal effect.

(c). A declaration that, by revoking TI Microfinance licence without giving notice to it of the intention to revoke the licence and the opportunity to be heard, the said revocation by the Respondent breached the rules of natural justice specifically the audi alteram partem rule hence it is null and void and of no effect;

(d). An order of certiorari to quash the decision of the Respondent revoking the license of TI Microfinance.

(e). An order directing at the Respondent to restore the licence of TI Microfinance.

(f). An order of prohibition directed at the Respondent and all its officers, workmen, assigns or privies, from interfering with the lawful activities of TI Microfinance.

The grounds for the application are that:

(1). That the purported decision of the Respondent to revoke the license of TI Microfinance is without legal basis and same should be declared null and void and of no effect whatsoever;

(2). That the purported decision of the Respondent to revoke the license of TI Microfinance was unlawful, illegal, capricious and abuse of discretion and contrary to the require