KOJACH PHARMA LTD. & 2 ORS v. HFC BANK (GHANA) LTD.

The Court of Appeal (Ghana), per Dennis Adjei J.A., dismissed an interlocutory appeal by the Defendants/Appellants challenging the High Court’s refusal to increase the reserved price of an attached factory property arising from a consent judgment requiring payment of GH¢3.5 million. The High Court had set the reserved price at GH¢5,469,000 in February 2016 based on a valuation by Prestige Property Consulting when the USD/GHS rate was 1:3.80. Defendants later produced a private USD-denominated valuation asserting significant appreciation and sought an upward review; the High Court denied the motion, finding delays caused by Defendants’ repeated settlement promises and that the reserved price deterred buyers despite at least eight auction adverts. On appeal, the Court affirmed both grounds as unmeritorious, explaining that forced sale values guide but do not bind courts and that reserved prices must reflect market conditions and legal factors under PNDCL 230 and Order 42 of C.I.47. Observing a stalemate, and invoking Rule 32(1)-(2) of C.I.19, the Court appointed the Land Valuation Division of the Lands Commission to conduct an independent valuation within a month to aid a fresh reserved price, with costs shared; the appeal was dismissed. Suurbaareh J.A. and Mensah J.A. concurred.