GOLDEN PETROLEUM LIMITED vs SWAP COMPANY LIMITED ACCRA & ANOTHER

This Ghana High Court matter arose from commercial arrangements between the plaintiff and two defendants tied to a memorandum of understanding dated 10 July 2018 and the defendants’ use of the plaintiff’s trading licence to lift petroleum products. After the plaintiff sought declarations, orders (including lifting the first defendant’s corporate veil to impose liability on the second defendant), recovery of assessed fees, damages and costs, the defendants filed a defence. The parties then chose an amicable settlement, executing detailed Terms of Settlement that acknowledged total liabilities of GH¢10,400,000 (GH¢9.6 million principal plus GH¢800,000 interest from 10 July 2018), set a 17‑month payment schedule with a GH¢1,000,000 lump sum split into three installments and a GH¢9,400,000 balance payable in equal installments of GH¢587,500 over 16 months from 1 March 2023, provided for the plaintiff’s solicitor’s fees of GH¢520,000, and made no order as to costs. With counsel Christopher Kwame Meenu for the plaintiff and Andrews Appiah‑Danquah for the defendants, Justice Afi Agbanu Kudomor adopted the agreement as a consent judgment, including an interest‑on‑default and execution clause.