YEBOAH, CJ & OTHERS v. ECOBANK GHANA LIMITED & OTHERS

DOTSE JSC:-

On the 10th of July 2019, the Supreme Court, made an order appointing the Director of Finance of the Judicial Service to assist the parties herein in the following terms:-

“BY COURT

By consent, the parties through their respective counsel, Thaddeus Sory for the Applicant and Ama Opoku Amponsah for the Respondent have consented to the Director of Finance of the Judicial Service being appointed to assist the parties herein resolve the differences arising from interest rate charges from the review decision of this court dated 27th February 2019. Adjourned sine-die.”

Before I proceed any further, it is useful to state the background to the said order.

FACTS UNDERLYING THE ORDER

This court on the 25th day of July 2018, delivered a unanimous judgment in favour of the Respondent herein, Daniel Ofori, therein Plaintiff/Appellant/Appellant which overturned the judgment of the Court of Appeal dated 6th June 2013, which was in favour of the Applicants herein, therein, 1st Defendants/Respondents/Respondents, Ecobank Ghana Limited.

The ordinary Bench of this Court specifically ordered the Applicants to pay the amounts due the Respondent at interest rates calculated as at the date of the High Court Judgment.

The Respondent herein, however successfully applied for a review of the judgment of the ordinary Bench, and on the 27th day of February 2019, the Review panel stated in clear terms as follows:

“Accordingly, we review our decision of 25th July, 2018 on this point as follows:-

1. That the 1st Respondents pay interest to the Applicant herein on the sum of GH¢6,162,240.00 out of the sum of GH¢13,762,240.00 at the agreed interest rate of 30% from the 2nd day of June 2008 up until the date of the Supreme Court judgment to wit the 25th day of July 2018.

2. The 1st Respondents are to pay to the Applicant interest on the sum of GH¢6,161,240.00 out of the sum of GH¢13,762,240.00 at the statutory interest rate from the date of judgment of this court (which is 25th July 2018 up to date of final payment).

3. That the 1st Respondents pay interest on the sum of GH¢7,600,000.00 at the prevailing bank rate as at the date of the judgment of the Supreme Court which is 25/7/2018.

Following disagreements which ensued between the Applicants, a Bank of tremendous reputation in the sub-region and the Respondent who appears to us as a genius in investment portfolios management, the parties approached the court to guide them in the resolution of the impasse that h