ERIC DUORINAAH VS GOLD COAST FUND MANAGEMENT
January 31, 2019
HIGH COURT
GHANA
CORAM
- HER LADYSHIP, JUSTICE GIFTY AGYEI ADDO
Areas of Law
- Contract Law
- Banking and Finance Law
- Civil Procedure
January 31, 2019
HIGH COURT
GHANA
CORAM
AI Generated Summary
In late 2018, an investor sued a financial institution after two Treasury Bill investments placed at the Defendant’s Tamale and Accra Ridge branches matured but were not redeemed. The investments—GH₵168,874.01 and GH₵31,126—were due on 28 August 2018. After filing a redemption form, he was told payment would be credited within ten working days, but the Defendant failed to pay. The Head Office issued a three-instalment schedule dated 26 September 2018 (28 September, 4 October, and 16 October), yet the Defendant defaulted. Despite a one-time GH₵100,000 payment and a promise to clear the remainder by end-October, the balance remained unpaid. A 12 November demand letter went unanswered, and service of the writ on 22 December drew no appearance. On an ex parte motion, Justice Gifty Agyei Addo entered final judgment in default, ordering recovery of GH₵112,211.54, awarding interest at the prevailing commercial bank lending rate from August 2018 to final payment, refusing additional damages, and granting GH₵4,000 costs.
The Plaintiff instituted this action on 21st December, 2018, against the Defendant forthe reliefs endorsed on the Writ of Summons and Statement of Claim, which are asfollows: a. Payment of the outstanding balance of One Hundred and Twelve Thousand Two Hundred and Eleven Ghana Cedis, Forty-five pesewas (GH₵112, 211. 54). b. Interest on the outstanding amount stated in relief (a) above at the prevailing commercial bank rate from August 2018 till date of final payment.
c. Damages for breach of contract.
d. Cost including legal fees.
The gravamen of the Plaintiff’s plaint is contained in paragraphs 3 to 14 of the Statement of Claim, a summation of which is as follows: According to the Plaintiff, on or about 25th May, 2018, he placed a ninety-one (91) dayTreasury Bill investment of One Hundred and Sixty-Eight Thousand, Eight Hundred andSeventy-Four Ghana Cedis and One Pesewa (GH₵168, 874. 01) with the Tamale Branchof the Defendant.
That subsequently, he made an additional investment of Thirty One Thousand OneHundred and Twenty-Six Ghana Cedis (GH₵31, 126. 00) at the Accra Ridge Branch of theDefendant.
The Plaintiff further states that the investments were to mature on the 28th of August, 2018, with the total amount due and payable at the maturity of the investment being Two Hundred and Twelve Thousand Two Hundred and Eleven Ghana Cedis, Forty-five Pesewas (GH₵212, 211. 45). On the date of maturity of the investments, according to the Plaintiff, he contacted andalso filed a redemption form at the Tamale Branch of the Defendant and was informedthat it would take ten (10) working days for the investments to be credited to his GhanaCommercial Bank Account, which he provided in the redemption form.
The Plaintiff further avers that the Defendant failed to pay back the investments afterthe ten (10) working days and also upon several verbal demands.
That following the failure of the Tamale branch of Defendant to co-operate and payhim, he further made a request for the payment to the Head Office of the Defendant, where he was issued with an instalment payment schedule dated 26th September, 2018. According to the Plaintiff, per the said schedule, the payment was to be effected bythree instalments on 28th September, 4th October and 16th October, 2018. The Plaintiff continues that the Defendant defaulted in paying back the investments inaccordance with the payment schedule agreed by the parties and contends that if theDefendant had adhered to the agreed schedule, th