BYES AND WAYS CO LTD vs. MES BES LTD [2017]DLHC3757

Date	2017-06-27
Suit No.	SUIT NO. GJ 369/17
Citation No.	[2017]DLHC3757

ERIC K. BAFFOUR ESQ. JUSTICE OF THE HIGH COURT

FAUSTINUS KOFI KORANTENG ESQ FOR DEFENDANT/APPLICANT

[2017]DLHC3757
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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 BES LTD<o:p></o:p>[HIGH COURT (GENERAL
JURISDICTION DIVISION), ACCRA]<o:p></o:p>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; 27TH JUNE, 2017<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:31.0pt 31.0pt 1.0pt 31.0pt;mso-border-shadow:yes">

<o:p>&nbsp;</o:p>

</div>COUNSEL:<o:p></o:p>FAUSTINUS KOFI
KORANTENG, ESQ FOR DEFENDANT/APPLICANT<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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<o:p>&nbsp;</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:none;border-bottom:solid windowtext 1.5pt;
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<o:p>&nbsp;</o:p>

</div>RULING<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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<o:p>&nbsp;</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><p class="MsoListParagraphCxSpFirst" style="text-align:justify;text-indent:-.25in;
mso-pagination:none;mso-list:l0 level1 lfo1;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;
mso-border-shadow:yes">(1)&nbsp;&nbsp;
“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="MsoListParagraphCxSpMiddle" style="text-align:justify;text-indent:-.25in;
mso-pagination:none;mso-list:l0 level1 lfo1;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;
mso-border-shadow:yes">(2)&nbsp;&nbsp;
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="MsoListParagraphCxSpMiddle" style="text-align:justify;text-indent:-.25in;
mso-pagination:none;mso-list:l0 level1 lfo1;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;
mso-border-shadow:yes">(3)&nbsp;&nbsp;
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. &nbsp;<o:p></o:p><p class="MsoListParagraphCxSpMiddle" style="text-align:justify;text-indent:-.25in;
mso-pagination:none;mso-list:l0 level1 lfo1;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;
mso-border-shadow:yes">(4)&nbsp;&nbsp;
The business of dealing in foreign exchange includes the (a)
purchase and sale of foreign currency, <o:p></o:p><p class="MsoListParagraphCxSpMiddle" style="text-align:justify;text-indent:-.25in;
mso-pagination:none;mso-list:l0 level1 lfo1;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;
mso-border-shadow:yes">(5)&nbsp;&nbsp;
(b) Receipt or payment of foreign currency, <o:p></o:p><p class="MsoListParagraphCxSpLast" style="text-align:justify;text-indent:-.25in;
mso-pagination:none;mso-list:l0 level1 lfo1;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;
mso-border-shadow:yes">(6)&nbsp;&nbsp;
(c) Importation and exportation of foreign currency, and (d)
lending and borrowing of foreign currency”. <o:p></o:p><o:p>&nbsp;</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>