BYES AND WAYS CO LTD vs. MES BRE LTD [2017]DLHC3312

Date	2017-06-27
Suit No.	SUIT NO. GJ 369/17
Citation No.	[2017]DLHC3312

ERIC K. BAFFOUR ESQ. JUSTICE OF THE HIGH COURT

FAUSTINUS KOFI KORANTENG ESQ FOR DEFENDANT/APPLICANT PRESENT

[2017]DLHC3312
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													<main id="main" class="content" style="min-height: 60rem" >BYES AND WAYS CO LTD<o:p></o:p>vs.<o:p></o:p>MES BRE LTD<o:p></o:p>[HIGH COURT
(GENERAL JURISDICTION DIVISION), ACCRA]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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SUIT NO. GJ
369/17&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 27TH JUNE, 2017<o:p></o:p>

FAUSTINUS KOFI KORANTENG, ESQ FOR DEFENDANT/APPLICANT
PRESENT<o:p></o:p>

</div>CORAM:<o:p></o:p>ERIC K. BAFFOUR, ESQ. JUSTICE OF THE HIGH COURT<o:p></o:p><div style="mso-element:para-border-div;border-top:solid windowtext 1.5pt;
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<p class="MsoNormal" align="center" style="text-align:center;line-height:115%;
border:none;mso-border-top-alt:solid windowtext 1.5pt;mso-border-bottom-alt:
solid windowtext 1.5pt;padding:0in;mso-padding-alt:1.0pt 0in 1.0pt 0in">RULING<o:p></o:p>

</div>Defendant/Applicant has mounted this application
seeking an order for the dismissal of the suit. The basis of the application, according
to counsel for the applicant, is founded under section 3(1) and (4) of the
Foreign Exchange Act, 2006 (Act 723) which states as follows:<o:p></o:p><o:p>&nbsp;</o:p>“(1) A person shall not engage in the business of
dealing in foreign exchange without a license issued under the Act.<o:p></o:p><p class="MsoNormal" style="mso-margin-top-alt:auto;margin-right:.45pt;
mso-margin-bottom-alt:auto;margin-left:3.4pt;text-align:justify;line-height:
115%;mso-pagination:widow-orphan;mso-layout-grid-align:auto;punctuation-wrap:
hanging">(2) The Bank shall prescribe the banks or other corporate
bodies or persons that it considers competent to engage in the business of
dealing in foreign exchange. <o:p></o:p><p class="MsoNormal" style="mso-margin-top-alt:auto;margin-right:.45pt;
mso-margin-bottom-alt:auto;margin-left:3.4pt;text-align:justify;line-height:
115%;mso-pagination:widow-orphan;mso-layout-grid-align:auto;punctuation-wrap:
hanging">(3) The Bank shall issue or renew a licence to engage in
the business of dealing in foreign exchange subject to conditions that the Bank
shall determine: from time to time. <o:p></o:p><p class="MsoNormal" style="mso-margin-top-alt:auto;margin-right:71.75pt;
mso-margin-bottom-alt:auto;margin-left:3.4pt;text-align:justify;line-height:
115%;mso-pagination:widow-orphan;mso-layout-grid-align:auto;punctuation-wrap:
hanging">(4) The business of dealing in foreign exchange includes
the (a) purchase and sale of
foreign currency, <o:p></o:p><p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
margin-left:3.2pt;text-align:justify;line-height:115%;mso-pagination:widow-orphan;
tab-stops:310.65pt;mso-layout-grid-align:auto;punctuation-wrap:hanging">(b) Receipt or payment of foreign currency, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <o:p></o:p>(c) Importation
and exportation of foreign currency, and (d)
lending and borrowing of foreign currency”.<o:p></o:p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <o:p></o:p>And under section 29 of the law a transaction in business
in foreign currency in Ghana is punishable as a criminal offence upon
conviction to a fine of not less than seven hundred penalty units or a term of
imprisonment of not more than eighteen months or both.<o:p></o:p><o:p>&nbsp;</o:p>Plaintiff per the endorsement on the writ claims the
following reliefs:<o:p></o:p><o:p>&nbsp;</o:p>An order for the recovery of US$538.076.16 being an
unpaid balance due and owing from the defendant to the plaintiff for the supply
of teak poles and stay blocks together with interest as well as the cost for
the institution of the action.<o:p></o:p><o:p>&nbsp;</o:p>It appears the action of plaintiff is founded upon a
simple contract entered into with the defendant for the supply of poles which
poles plaintiff claim were supplied. To him the payments were denominated in US
dollars with the option to pay in its cedi equivalent for which defendant has
made some payment leaving an outstanding balance of US$538.076.16.<o:p></o:p><o:p>&nbsp;</o:p>