By Morkporkpor Anku
Accra, May 12, GNA – The Supreme Court has unanimously dismissed an application filed by Ecobank Ghana Limited and Ghana Stock Exchange against Daniel Ofori, a Businessman over the computation of interest on an investment sum.
The five-member panel, presided over by Justice Amadu Tanko, ruled that Mr Ofori was entitled to monthly compounded interest at 30 per cent from June 2, 2008, to July 25, 2018, and thereafter simple interest at 13.34 per cent until final payment.
The Court said it had carefully examined the processes filed in the application, which sought to set aside Mr Ofori’s entry of judgment filed on April 6, 2021.
The Court said, the principal issue for determination was whether Mr Ofori was entitled to compound interest calculated monthly rather than annually on the investment sum of GH 6,162, 240.00 within the period under review.
Delivering the ruling, Justice Tanko said the evidence before the Court and the applicable law supported Mr Ofori’s entitlement to monthly compounded interest from the date of investment (June 2, 2008) to until the date of judgment (July 25, 2018).
The Court held that its conclusion would form the basis for determining any outstanding amount payable to Mr Ofori.
“The effect is that the instant application fails in its entirety and we accordingly dismiss same,” the Court ruled.
The Court said the full reasons for the decision would be filed at the Registry within seven days.
A Cost of GH¢50,000 was awarded in favour of Mr Ofori.
The panel comprised Justices R. Adjei-Frimpong, Senyo Dzamefe, J. Bartels-Kodwo and Hafisata Amaleboba.
Mr Ace Anan Ankomah, together with Mr Daad Akwesi and Mr Ebo Dantse Benjamin, appeared for Ecobank and Stock Exchange.
Meanwhile Mr Tsatsu Tsikata, with Mr Nana Boakye Mensah-Bonsu and Mr Prince Noel Danquah, represented Mr Ofori.
GNA
Reporter: Morkporkpor Anku
[email protected]
Edited by Samuel Osei-Frempong