DEVONSHIRE PLACE CAPITAL GHANA LTD & ANOR VRS BANK OF GHANA

INTRODUCTION

1] This appeal, together with a notice seeking to vary the decision of the trial court, arises from the judgment delivered by the High Court, Commercial Division, Accra, on 20th March 2024. At the heart of this case is a defamation dispute brought by Devonshire Place Capital Ghana Limited and its director, Aaron Alexander Boateng, against the Bank of Ghana. For clarity, the parties will be referred to as the 1st and 2nd Appellants and the Respondent, respectively.

The dispute stems from a public notice issued by the Respondent on 8th November 2018, which identified the 1st Appellant among entities not licensed to undertake deposit-taking activities in Ghana and cautioned the public against engaging with them. The Appellants argue that this notice, widely disseminated in the media, unfairly portrayed them as involved in unlawful and criminal financial activities, damaging both the corporate standing of the 1st Appellant and the professional reputation of the 2nd Appellant.

After considering the case, the trial Judge found in favour of the Appellants on the issue of liability, declaring the notice baseless and defamatory as it related to the 1st Appellant. The court ordered a public retraction and apology, and awarded general damages of GHC30,000.00 However, the court denied the Appellants' claims for special damages for lost business income and substantial compensation for alleged harm to the 2nd Appellant’s professional image.

Dissatisfied with parts of the decision, the Appellants and the Respondent have sought appellate review. The Appellants challenge the adequacy of the damages and the refusal to grant special damages, arguing the judgment does not reflect the full weight of the evidence. Conversely, the Respondent, through a Notice to vary the decision, contests the basis of the High Court’s findings, seeking a complete reversal on grounds that the notice was factually accurate, not defamatory, that the damages were excessive, and that the evidence did not support the judgment.

FACTS SUMMARY

2] The 1st Appellant is a company incorporated in Ghana, with the 2nd Appellant serving as its director and shareholder.

In 2017, the 1st Appellant applied to the Respondent for a license to operate as a foreign exchange solutions provider. Acting under its statutory mandate in the Bank of Ghana Act, 2002 (Act 612), the Respondent conducted due diligence and found, among other things, that the 1st Appellant’s claims of partnershi