Supreme Court deals final blow to Ecobank in Daniel Ofori GH6.16m investment dispute

In a decisive ruling that brings an end to nearly two decades of litigation, the Supreme Court of Ghana has dismissed an application by Ecobank Ghana seeking to set aside an entry of judgment, handing businessman Daniel Ofori another comprehensive legal victory in his long-running investment dispute with the bank .

The apex court, in its decision delivered on Wednesday, May 6, 2025, confirmed definitively that Mr Ofori is entitled to monthly compounded interest at an agreed rate of 30 per cent, calculated from June 2, 2008 — the date of his investment — up to July 25, 2018, when the Supreme Court first ruled in his favour .

Post-Judgment Interest and Costs Awarded

The court further ordered that post-judgment interest will accrue at a rate of 13.5 per cent per annum until the debt is fully and finally settled. Additionally, the panel awarded GH¢50,000 in legal costs against Ecobank Ghana in favour of Mr Ofori .

The panel, in announcing its decision, indicated that the full reasons for the ruling would be made available within seven days .

The Long Road to Justice

The case traces back to 2007 when Mr Ofori filed a lawsuit against Ecobank and others concerning a disputed share transaction valued at GH¢6,162,240 involving shares in CAL Bank . While the Court of Appeal initially dismissed his case, Mr Ofori successfully appealed to the Supreme Court.

On July 25, 2018, a unanimous Supreme Court panel presided over by Justice Jones Dotse, along with Justices Anin-Yeboah (before he became Chief Justice), Paul Baffoe-Bonnie, Appau, and Pwamang, ruled in his favour, overturning the earlier High Court and Court of Appeal decisions that had favoured the bank .

The Supreme Court reaffirmed its decision on June 17, 2020, with a clarification regarding interest calculation. A subsequent application by Ecobank for a review of that decision was unanimously dismissed on March 24, 2021 .

At one point, the legal battle became so intense that Mr Ofori caused the head office building of Ecobank Ghana to be attached for execution via a writ of Fieri Facias (Fi-Fa) issued from the High Court (Commercial Division) in satisfaction of a judgment debt amounting to GH¢96,304,972.41 .

Legal Heavyweights in Attendance

Throughout the protracted legal battle, Ecobank has been represented by lawyers including Mr Kizito Beyuo, while Mr Ofori has been represented by renowned legal figures Tsatsu Tsikata and Thaddeus Sory .

The Supreme Court’s latest decision effectively closes another chapter in what has been one of Ghana’s most closely watched commercial disputes, reaffirming the earlier orders in favour of Mr Ofori and leaving the bank with no further avenue for appeal at the apex court level .