May 26, 2022
COURT OF APPEAL
GHANA
CORAM
AI Generated Summary
This interlocutory appeal arises from a dispute between Samuel Kyekyeku Kohl and Consolidated Bank Ghana Ltd over interest due on a fixed deposit originally placed with Beige Bank. After the Bank of Ghana revoked Beige Bank19s licence and placed it under receivership, the Respondent, as a bridge institution, paid Kohl a reduced principal and interest calculated partly at 27% and subsequently at 13%. Kohl sued, but the Circuit Court dismissed his suit, holding the Receiver was the proper party under Act 930. On appeal, after grounds (a) to (f) were struck out for non-compliance with Rule 8(6), the Respondent raised a preliminary objection to the remaining omnibus ground. The Court of Appeal examined Rule 8(6), Section 11(8), and Supreme Court authorities cautioning against omnibus grounds in interlocutory matters. Emphasizing substantial justice, and relying on International Rom and other precedents, the Court overruled the preliminary objection and directed the Respondent to file submissions within 14 days.
DOMAKYAAREH (MRS.), JA:
[1] This Ruling is in respect of a Preliminary Legal Objection raised to the hearing of the interlocutory appeal in this case. The interlocutory appeal is against the Ruling of the Circuit Court, Kumasi, dated 19th March, 2021. In this Ruling, the Plaintiff/Appellant will be referred to as the Appellant while the Defendant/ Respondent will be referred to as the Respondent for ease of reference.
[2] The Appellant issued a Writ of Summons from the Registry of the Circuit Court, Kumasi on 30th May, 2019 against the Respondent Bank herein, claiming the under listed reliefs: -
RELIEFS:
1. An order to compel the Defendant to pay the remaining balance of Plaintiff’s interest amount of GH¢32,493.2 of his one year investment of GH¢198,000.00 at interest rate of 27% per annum with Defendant which commenced on 4th April, 2018 and matured on 4th April, 2019.
2. Interest on the said remaining balance of Plaintiff’s interest amount of GH¢32,493.2 from 5th April, 2019 till date of final payment at the prevailing bank rate.
3. Damages for breach of contract.
4. Costs of this suit.
THE CASE OF THE APPELLANT:
[3] The salient facts of the Appellant’s case as deduced from his Statement of Claim are that on 4th April, 2018, he made a one year Fixed Deposit investment in the sum of GH¢198,000.00 with the erstwhile Beige Bank at an interest rate of 27% per annum. The said investment which was to mature on 4th April, 2019 and at the agreed interest rate, would have yielded an interest of GH¢53,460.00. The Beige Bank agreed to pay the principal sum invested together with the accrued interest on the maturity date.
[4] On the 1st of August, 2018 however, the Respondent Bank herein legally took over the management of the Beige Bank Ltd. The Appellant averred that, having taken over the management of the Beige Bank Ltd. as aforesaid, the Respondent Bank failed to pay the sum due to him on the maturity date of the investment on 4th April, 2019. The Appellant further averred that, on 25th April, 2019 the Respondent herein paid the sum of GH¢185,282.96 into his Bank Account in satisfaction of the principal of his investment which the Respondent said was GH¢168,000.00 and interest of GH¢17,282.96 calculated on the said principal of GH¢198,000.00 at the interest rate of 27% per annum from 4th April, 2018 to 31st July 2018.
[5] It is the case of the Appellant that the Respondent reduced his investment from GH¢198,000.00 to GH¢168,000.00 becau