Amanze Chinonye
A prolonged legal dispute between Ghanaian businessman Daniel Ofori and Ecobank Ghana Plc has taken another significant turn after the courts reaffirmed that the businessman is entitled to 30 per cent monthly compounded interest on funds invested with the bank in 2008.
Join our WhatsApp Channel
Court records show that the dispute originated from an investment transaction involving proceeds from the sale of shares valued at about GH¢6.16 million, which Ofori instructed Ecobank to place in a fixed deposit investment arrangement on June 2, 2008.
According to verified legal filings, the investment carried an agreed annual interest rate of 30 per cent. However, disagreements later emerged after Ecobank reportedly reversed payment instruments linked to the transaction amid concerns surrounding regulatory and anti-money laundering compliance.
READ ALSO :
Ecobank Targets Digital Inequality with 300-Laptop Intervention at University of Ghana
The matter eventually reached Ghana’s Supreme Court, which on July 25, 2018 ruled in favour of Ofori and ordered Ecobank to pay him GH¢13.76 million together with accrued interest.
The judgment separated the amount into two components GH¢6.16 million tied to the investment arrangement attracting the contractual 30 per cent interest, and another GH¢7.6 million which attracted statutory interest.
Subsequent legal proceedings focused largely on how the interest should be computed, particularly whether the 30 per cent rate should be treated as simple or compound interest.
In a further clarification issued during review proceedings in 2020, the Supreme Court held that Ofori was entitled to compounded interest on the GH¢6.16 million investment sum from June 2, 2008 until July 25, 2018, when the apex court first delivered judgment in his favour.
READ MORE :
Cameroonian Investor Buys South African Firm’s 21.22% Stake In Ecobank
The court additionally ruled that post-judgment interest would continue to accrue at the prevailing statutory rate of approximately 13.5 per cent until the debt is fully settled.
Legal documents indicate that the interest computations have substantially increased the value of the judgment debt over the years, with some filings estimating the liability at more than GH¢95 million, although Ecobank has consistently challenged those figures and opposed the application of compound interest.
The litigation has since evolved into one of Ghana’s most closely followed commercial court disputes, with multiple review, enforcement and supervisory jurisdiction applications filed in recent years.
In one of the latest proceedings, the Supreme Court reportedly declined efforts aimed at halting enforcement actions initiated by Ofori, effectively allowing the businessman to continue pursuing recovery of the judgment debt through the High Court.
The case is widely viewed within Ghana’s legal and banking sectors as a landmark dispute on contractual investment obligations, post-judgment interest and the enforcement of commercial court awards.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
