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DANIEL OFORI v. ECOBANK GHANA LIMITED & ORS

February 27, 2019

SUPREME COURT

GHANA

CORAM

  • DOTSE JSC
  • YEBOAH JSC
  • BAFFOE-BONNIE JSC
  • APPAU JSC
  • PWAMANG JSC
  • MARFUL-SAU JSC
  • DORDZIE (MRS.) JSC

Areas of Law

  • Banking and Finance Law
  • Commercial Law
  • Contract Law
  • Civil Procedure

AI Generated Summary

This Supreme Court of Ghana review ruling, authored by Dotse JSC and joined by Yeboah, Baffoe-Bonnie, Appau, Pwamang, Marful-Sau and Dordzie (Mrs.), concerns the Applicant’s dispute arising from trading 14,130,000 CAL Bank shares at the Ghana Stock Exchange through brokers, with the Securities and Exchange Commission unable to resolve whether the trade settled before suspension. After the High Court denied relief citing failure of delivery versus payment and the Court of Appeal dismissed the appeal, the Supreme Court’s ordinary bench on 25 July 2018 reversed the lower courts, awarding interest and nominal damages against the first Respondent bank under the banker/customer contract. In this review, the Court, applying Article 133 and Rule 54 alongside C.I. 52, corrected the misquoted principal (GH¢6,162,240) and held that agreed 30% interest runs from 2 June 2008 to 25 July 2018, with statutory post-judgment interest thereafter. It also set the prevailing bank rate for GH¢7,600,000 by reference to 25 July 2018, aligning the orders with C.I. 52 to avoid miscarriage of justice.

RULING