[2007]DLCA7027 • March 16, 2007 • Court of Appeal
G. BRANDS IMPEX LTD. vs. BANK OF GHANA
The Plaintiff, G. Brands Impex Ltd., claimed recovery of US$1.4 million wrongfully deducted by the Defendant, Bank of Ghana, from payments due under a bilateral trade agreement between Ghana and Libya. The agreement involved exports through the Horticulturists Association of Ghana (HAG) and payments processed via the Bank of Ghana. The Plaintiff alleged that following a directive allowing exporters to deal directly with Libya's Agrimark, its sister company exported canned tuna directly and sought payment from the Bank of Ghana, which was withheld. The Defendant denied liability, contending the shipment was not under the bilateral agreement and payments were settled differently at a meeting in Tripoli in 1996.
read moreANIM, J.A. The Defendant/Appellant hereinafter referred to as “The Defendant” has appealed to this Court requesting that the judgment of the High Court, Accra, presided over by His Lordship Justice Victor Ofoe, delivered on 29th June 2000, be set aside. By its Writ of Summons and Statement of Claim issued on 14th April 2000, the Plaintiff/Respondent hereinafter referred to as “The Plaintiff” claimed against the Defendants:— [a] Recovery of the amount of US$1.4 million wrongfully deducted by Defendants from payment due to the Plaintiff or its cedi equivalent at the US dollar Forex bureau buying rate on the day of payment. [b] Interest on the cedi equivalent of the US$1.4 million at the prevailing commercial banks lending rate from October, 1996 to the date of payment of the principal sum or in the alternative anticipated profits. [c] Costs of the action including counsel’s costs. The case of the Plaintiff is that some years ago the Government of the Republic of Gh...