Ofori Vrs Ecobank Ghana Ltd and Others [2020] GHASC 40 (17 June 2020)

Ofori Vrs Ecobank Ghana Ltd and Others [2020] GHASC 40 (17 June 2020)

The court held that the investment contract implied compound interest at 30% per annum on GHS6,162,240.00 from 2nd June 2008 to 25th July 2018, based on business efficacy and banking custom. Thereafter, and for the GHS7,600,000.00, interest is to be calculated at the statutory rate of 13.34% (the 91-day Treasury Bill rate) as simple interest until final payment.

Citation
[2020] GHASC 40
Parties
Plaintiff/appellant/appellant/respondent: Daniel Ofori; 1st Defendant/respondent/respondent/applicant: Ecobank Ghana Limited; 2nd Defendant: Securities and Exchange Commission; 3rd Defendant: Ghana Stock Exchange
Court
Supreme Court
Jurisdiction
Ghana
Judgment Date
17 June 2020
Procedural Posture
Civil Motion / Ruling on Application to Determine Mode of Calculating Interest on Judgment Debt
Outcome
application granted in part
Legal Topics
Interest Calculation, Implied Terms in Contracts, Custom and Usage in Contracts, Post Judgment Interest
Source Language
English
Banking Law Contract Law Civil Procedure Interest Calculation Implied Terms in Contracts Custom and Usage in Contracts Post Judgment Interest

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 5 Party arguments 2 Amounts and remedies 4
Sign in to unlock

Parties

Daniel Ofori

Plaintiff/appellant/appellant/respondent

Ecobank Ghana Limited

1st Defendant/respondent/respondent/applicant

Securities and Exchange Commission

2nd Defendant

Ghana Stock Exchange

3rd Defendant

Procedural Posture

Civil Motion / Ruling on Application to Determine Mode of Calculating Interest on Judgment Debt

Legal Issues

  1. 1 Whether interest on the invested amount should be calculated as compound or simple interest
  2. 2 What is the applicable statutory rate for post-judgment interest

Ratio Decidendi

The court held that the investment contract implied compound interest at 30% per annum on GHS6,162,240.00 from 2nd June 2008 to 25th July 2018, based on business efficacy and banking custom. Thereafter, and for the GHS7,600,000.00, interest is to be calculated at the statutory rate of 13.34% (the 91-day Treasury Bill rate) as simple interest until final payment.

Court Disposition

application granted in part

Orders

  • Interest on GHS6,162,240.00 at 30% compound interest from 2nd June 2008 to 25th July 2018, then at 13.34% simple interest until final payment.
  • Interest on GHS7,600,000.00 at 13.34% simple interest from 2nd June 2008 until final payment.