Daniel Ofori wins final court battle against Ecobank over 2008 investment

Businessman Daniel Ofori has won a fresh legal victory against Ecobank Ghana after the Supreme Court dismissed the bank’s attempt to overturn a judgment in his favour in a long running dispute over a 2008 investment transaction.

In a ruling delivered on 6th May 2025, the court confirmed that Mr Ofori is entitled to monthly compounded interest of 30% on an investment sum of GH¢6.16 million from 2nd June 2008 to 25th July 2018, when the Supreme Court first ruled in his favour.

The court also ordered Ecobank to pay post judgment interest at a rate of 13.5% per annum until the debt is fully settled. In addition, the bank was directed to pay GH¢50,000 in legal costs to Mr Ofori.

The case stems from a disputed share transaction involving shares in CAL Bank dating back nearly two decades.

The Supreme Court’s latest decision effectively closes another chapter in a prolonged legal battle between Mr Ofori and the bank, which has passed through several hearings, reviews and applications since the original judgment in 2018.

Earlier rulings by the apex court had already determined that the investment amount of GH¢6,162,240 should attract 30% compound interest from June 2008 until the date of judgment in July 2018.

The court also clarified that the statutory post judgment interest rate should be based on the Treasury bill rate that existed at the time of the judgment.

In previous proceedings, lawyers for the two sides disagreed over how the interest should be calculated, particularly whether the post judgment interest should apply to the original investment amount or the total accumulated judgment debt after the compounded interest had been added.

Delivering the court’s reasoning in earlier rulings, Justice Baffoe Bonnie said the court’s intention had always been that the 30% compound interest should first be applied up to the 2018 judgment date, after which the statutory rate would apply to the full judgment debt until final payment.

The court dismissed Ecobank’s latest application and reaffirmed the earlier orders in favour of Mr Ofori.

Legal representation for Ecobank was led by lawyer Ace Anan Ankomah.

-metrotvonline