Ofori Vrs Ecobank Ghana Ltd and Others [2019] GHASC 14 (27 February 2019)

Ofori Vrs Ecobank Ghana Ltd and Others [2019] GHASC 14 (27 February 2019)

The Supreme Court held that the agreed 30% interest rate should apply to the sum of GH¢6,162,240.00 from 2nd June 2008 up to the date of the Supreme Court judgment (25th July 2018), and that post-judgment interest at the statutory rate applies from the date of the Supreme Court judgment until final payment. The Court corrected the principal sum and clarified the applicable interest periods, applying the mandatory provisions of C.I. 52.

Citation
[2019] GHASC 14
Parties
Applicant: Daniel Ofori; 1st Respondent: Ecobank Ghana Limited; 2nd Respondent: Securities and Exchange Commission; 3rd Respondent: Ghana Stock Exchange
Court
Supreme Court
Jurisdiction
Ghana
Judgment Date
27 February 2019
Procedural Posture
Civil Motion (review Application) / Supreme Court Review of Prior Supreme Court Judgment
Outcome
Review application granted in part.
Legal Topics
Award of Interest, Post Judgment Interest, Review Jurisdiction, Banker Customer Relationship, Stock Exchange Transactions
Source Language
English
Banking Law Contract Law Securities Law Civil Procedure Award of Interest Post Judgment Interest Review Jurisdiction Banker Customer Relationship +1 more

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Parties

Daniel Ofori

Applicant

Ecobank Ghana Limited

1st Respondent

Securities and Exchange Commission

2nd Respondent

Ghana Stock Exchange

3rd Respondent

Procedural Posture

Civil Motion (review Application) / Supreme Court Review of Prior Supreme Court Judgment

Legal Issues

  1. 1 Whether the Supreme Court erred in limiting the agreed 30% interest rate to the date of the High Court judgment instead of the Supreme Court judgment date.
  2. 2 Whether the sum for interest calculation should be GH¢6,162,240.00 instead of GH¢6,160,240.00.
  3. 3 Whether the applicable post-judgment interest rate should be pegged to the date of the Supreme Court judgment.

Ratio Decidendi

The Supreme Court held that the agreed 30% interest rate should apply to the sum of GH¢6,162,240.00 from 2nd June 2008 up to the date of the Supreme Court judgment (25th July 2018), and that post-judgment interest at the statutory rate applies from the date of the Supreme Court judgment until final payment. The Court corrected the principal sum and clarified the applicable interest periods, applying the mandatory provisions of C.I. 52.

Court Disposition

Review application granted in part.

Orders

  • 1st Respondent to pay interest on GH¢6,162,240.00 at 30% per annum from 2nd June 2008 to 25th July 2018.
  • 1st Respondent to pay interest on GH¢6,162,240.00 at the statutory rate from 25th July 2018 until final payment.