Accra: The Supreme Court has unanimously dismissed an application filed by Ecobank Ghana Limited and the Ghana Stock Exchange against businessman Daniel Ofori concerning the computation of interest on an investment sum. The five-member panel, led by Justice Amadu Tanko, ruled that Mr. Ofori is entitled to monthly compounded interest at 30 percent from June 2, 2008, to July 25, 2018, and subsequently simple interest at 13.34 percent until the final payment.
According to Ghana News Agency, the court carefully examined the processes in the application, which aimed to overturn Mr. Ofori's judgment entry filed on April 6, 2021. The primary issue was whether Mr. Ofori deserved compound interest calculated monthly rather than annually on the investment sum of GH? 6,162,240.00 during the specified period.
Justice Tanko, in delivering the ruling, stated that the evidence and applicable law supported Mr. Ofori's right to monthly compounded interest from the investment date (June 2, 2008) until the judgment date (July 25, 2018). The court's conclusion will form the basis for determining any outstanding amount owed to Mr. Ofori.
The court ruled, "The effect is that the instant application fails in its entirety and we accordingly dismiss same." The full reasons for the decision will be filed at the Registry within seven days. A cost of GHS50,000 was awarded in favor of Mr. Ofori.
The panel included Justices R. Adjei-Frimpong, Senyo Dzamefe, J. Bartels-Kodwo, and Hafisata Amaleboba. Mr. Ace Anan Ankomah, Mr. Daad Akwesi, and Mr. Ebo Dantse Benjamin represented Ecobank and the Stock Exchange, while Mr. Tsatsu Tsikata, Mr. Nana Boakye Mensah-Bonsu, and Mr. Prince Noel Danquah represented Mr. Ofori.