OBED OSAFO & ORS v. STANBIC BANK

This Court of Appeal judgment arises from a dispute between former Construtora OAS Ghana Limited employees and Stanbic Bank over Stanbics Achiever Banking Product Suite. Stanbic marketed the product to Construtora OAS workers, promising a retrenchment cover of GHa31,000 per month for three months upon redundancy, with monthly premiums deducted from upgraded Achiever accounts. After mass retrenchments between 2017 and 2018, Appellants notified Stanbic and submitted claims, but the bank refused payment, alleging a permanency requirement and a fourmonth claims deadline linked to Metropolitan Life Insurance (Metlife). The Court held that the operative documentation contained no permanency term, the bank failed to prove any fourmonth deadline, and no principalagent relationship or Appellants knowledge of Metlifes terms was established. Estoppel applied based on Stanbics conduct. The Court allowed the appeal, set aside the High Courts dismissal, ordered payment of GHa33,000 to each Appellant, and declined damages for lack of proof of loss.