Supreme Court Dismisses Ecobank's Appeal, Orders Payment of Interest and Costs

• Supreme Court of Ghana dismisses Ecobank's application to set aside an entry of judgment in favour of Daniel Ofori.
• Court rules Ofori entitled to 30% compounded interest from June 2008 to July 2018.
• Post-judgment interest to accrue at 13.5% until final payment is made.
• Court awards GH¢50,000 in costs in favour of Ofori.

The Supreme Court of Ghana has made a significant ruling in a long-standing financial dispute between Ecobank Ghana and Daniel Ofori. In a decision delivered on Wednesday, May 6, 2025, the apex court dismissed an application by Ecobank to set aside an entry of judgment in favour of Ofori, effectively upholding the earlier ruling.

The court's decision is a major victory for Ofori, who had initially invested GH¢100,000 with Ecobank in 2008. However, when the bank failed to honour the investment, Ofori took the matter to court. The Supreme Court first ruled in his favour on July 25, 2018, ordering Ecobank to pay the principal amount, compounded interest, and other costs.

Background of the Dispute

The dispute between Ecobank Ghana and Daniel Ofori dates back to 2008, when Ofori invested GH¢100,000 with the bank. However, the bank failed to honour the investment, leading to a lengthy court battle. The case has had significant implications for the banking sector in Ghana, highlighting the need for banks to adhere to their contractual obligations and treat customers with fairness and transparency.

The Supreme Court's decision to uphold the earlier ruling is a significant milestone in the dispute. It serves as a reminder to banks and other financial institutions that they must comply with the law and respect the rights of their customers. The ruling also underscores the importance of the judiciary in upholding the rule of law and protecting the rights of individuals and businesses.

Impact of the Ruling

The Supreme Court's decision has significant implications for Ecobank Ghana and the broader banking sector in Ghana. The ruling reinforces the importance of the bank's contractual obligations and highlights the need for banks to treat customers with fairness and transparency. The decision also underscores the importance of the judiciary in upholding the rule of law and protecting the rights of individuals and businesses.

The ruling is also a significant victory for Ofori, who has been fighting for justice for over a decade. The court's decision to award him GH¢50,000 in costs is a testament to his perseverance and determination to see the case through to its conclusion.

Looking Ahead

The Supreme Court's decision marks the end of a long and contentious dispute between Ecobank Ghana and Daniel Ofori. However, the implications of the ruling will be felt for a long time to come. As the banking sector in Ghana continues to evolve, the ruling serves as a reminder to banks and other financial institutions to adhere to their contractual obligations and treat customers with fairness and transparency.