MENZGOLDGHANALIMITED vs. BANK OF GHANA AND SECURITIES AND EXCHANGE COMMISSION [2019]DLHC4556

Date	2019-01-10
Suit No.	SUIT NO.CM/BDC /0655/18
Citation No.	[2019]DLHC4556

AKUA SARPOMAA AMOAH (MRS.) JUSTICE OF THE HIGH COURT

FRANK DA VIES FOR 1ST DEFENDANT/APPLICANT

ALIDU MOHAMMED WITH MISS SHIADEY OTIEDU HOLDING BRIEF FOR

Nil OMAN BADU FOR 2ND DEFENDANT/APPLICANT

YVONNE AKUFFO ADDO HOLDING BRIEF FOR KWAME BOAFO AKUFFO FOR PLAINTIFF/RESPONDENT.

[2019]DLHC4556
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													<main id="main" class="content" style="min-height: 60rem" >MENZGOLDGHANALIMITED<o:p></o:p>vs.<o:p></o:p>BANK OF GHANA AND
SECURITIES AND EXCHANGE COMMISSION<o:p></o:p>&nbsp;[HIGH COURT (COMMERCIAL DIVISION), ACCRA]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 0in 1.0pt 0in;margin-left:0in;margin-right:.2in">

SUIT&nbsp;NO.CM/BDC /0655/18&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; DATE: 10TH JANUARY, 2019<o:p></o:p>

</div>COUNSEL: <o:p></o:p>FRANK DA VIES FOR 1ST DEFENDANT/APPLICANT <o:p></o:p>ALIDU MOHAMMED WITH MISS SHIADEY OTIEDU
HOLDING BRIEF FOR&nbsp;&nbsp;&nbsp; &nbsp;Nil
OMAN BADU FOR 2ND DEFENDANT/APPLICANT&nbsp; &nbsp;<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 0in 1.0pt 0in;margin-left:0in;margin-right:.2in">

</div>CORAM:
<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 0in 1.0pt 0in;margin-left:0in;margin-right:.2in">

</div><o:p>&nbsp;</o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 0in 1.0pt 0in;margin-left:0in;margin-right:.2in">

<p class="MsoNormal" align="center" style="margin-top:1.45pt;text-align:center;
mso-pagination:none;mso-layout-grid-align:none;text-autospace:none;border:none;
mso-border-bottom-alt:solid windowtext 1.5pt;padding:0in;mso-padding-alt:0in 0in 1.0pt 0in">RULING<o:p></o:p>

</div>The Plaintiff/Respondent (Plaintiff) describes
itself as a Limited Liability Company incorporated under the laws of Ghana with
its registered objectives being engaging in gold and diamond mining, dealers
in the purchase and sale of gold and other precious minerals and consultancy.
Plaintiff says that it has been duly licensed by the Minerals and Mining
Commission of Ghana to engage in its business objectives. By an amended
writ dated the 2nd &nbsp;day of
October, 2018, Plaintiff has sued the Defendants namely "the Central Bank of the &nbsp;Republic
of Ghana established by the 1992 Constitution
and responsible for the regulation, &nbsp;supervision and direction of banking and
credit system and ensure the smooth operation of &nbsp;the financial sector in Ghana" and the 2nd Defendant, "a body corporate
established and operating under the Security Industry Act, 2016 (Act 929) to regulate and promote the
growth of the securities industry in Ghana." <o:p></o:p>Among the reliefs endorsed on the writ are
for; <o:p></o:p><p class="MsoNormal" style="margin-top:27.1pt;margin-right:-18.2pt;margin-bottom:
0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;mso-pagination:
none;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-border-shadow:
yes">"a) A declaration that the Plaintiff's business does not fall within the
scope of the Banks and Specialized Deposit-Taking Institutions Act 2016 (Act 930). <o:p></o:p><p class="MsoNormal" style="margin-top:25.9pt;margin-right:-17.5pt;margin-bottom:
0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;mso-pagination:
none;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-border-shadow:
yes">b) A declaration that the Plaintiff's business activities does not invol</main>