SAMUEL GYAMFI AND 693 OTHERS vs. BANK OF GHANA AND ANOTHER [2019]DLHC6874

Date	2019-03-29
Suit No.	SUIT NO. OCC 113/2014
Citation No.	[2019]DLHC6874

HIS LORDSHIP JUSTICE DR. RICHMOND OSEI-HWERE

STEPHEN ALEWABA WITH JEPTHER APPAU FOR THE PLAINTIFFS

SAMUEL CODJOE WITH EDWARD DANQUAH FOR 1ST DEFENDANT

[2019]DLHC6874
																																						<div class="restriction-wrapper">
														<div class="container-lg">
															<div class="row">
																<div class="col-md-12 restricted-content">
																	<div class="restricted-content-img-wrapper">
																		<div class="lock-icon bounce-7">
																			<img class=""
																				src="https://www.dennislawgh.com/dl-assets/dl-images/lock-content.png"
																				alt="Subscription based content">
																		</div>
																	</div>
																	 
																		<a href="https://www.dennislawgh.com/login"
																		class="btn btn-primary btn-lg"
																		style="font-family: 'open sans'; text-transform: capitalize; border-radius: 8px"> 
																		Login to Read Full Case </a>
																	 
																	
																</div>
															</div>
														</div>
													</div>
													<main id="main" class="content" style="min-height: 60rem" >SAMUEL GYAMFI AND 693
OTHERS<o:p></o:p>(PLAINTIFFS)<o:p></o:p>vs.<o:p></o:p>BANK OF GHANA AND
ANOTHER<o:p></o:p>(DEFENDANTS)<o:p></o:p>[HIGH
COURT, KUMASI]<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">

SUIT NO. OCC 113/2014&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; DATE:
29TH MARCH, 2019<o:p></o:p>

</div>COUNSEL:<o:p></o:p>STEPHEN ALEWABA WITH JEPTHER APPAU FOR THE
PLAINTIFFS<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">

<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:
justify;line-height:115%;border:none;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0in;mso-padding-alt:0in 0in 1.0pt 0in">SAMUEL
CODJOE WITH EDWARD DANQUAH FOR 1ST DEFENDANT<o:p></o:p>

</div>CORAM:<o:p></o:p>HIS LORDSHIP JUSTICE DR. RICHMOND
OSEI-HWERE <o:p></o:p><div style="mso-element:para-border-div;border-top:solid windowtext 1.5pt;
border-left:none;border-bottom:solid windowtext 1.5pt;border-right:none;
padding:1.0pt 0in 1.0pt 0in">

<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">JUDGMENT<o:p></o:p>

</div>Background <o:p></o:p>This
is a suit arising from the operations of the 2nd Defendant herein
and the regulatory duty of the central bank, Bank of Ghana (1st
Defendant herein). It is about whether the Bank of Ghana was the regulator of
the 2nd Defendant herein and if yes, whether it was negligent in its
regulatory duty.<o:p></o:p>The
Plaintiffs were described as customers of the 2nd Defendant herein.
The 2nd Defendant was an incorporated limited liability company
under the laws of Ghana. The 1st Defendant herein, Bank of Ghana is
a constitutional and statutory body responsible for the regulation of banks and
non-bank financial institutions among other functions. It must be noted that
the names of the then Governor of the Bank of Ghana, Paa Kwesi Amissah Arthur
and the Head of Banking Supervision, Franklin Belnye who were originally the
2nd and 3rd Defendants respectively have been struck out of the suit as
non-proper parties to the suit. Consequently, Onward Investment Limited is now
the 2nd Defendant while the Bank of Ghana remains the 1st Defendant.
The 2nd Defendant has undergone liquidation and so did not
participate in the trial.<o:p></o:p>By
a Writ of Summons and Statement of Claim dated the 29th day of June, 2012, the
Plaintiffs are seeking the following reliefs against the Defendants therein:&nbsp; <o:p></o:p>“a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Declaration that the deliberate and or
intentional act of 1st defendant, 2nd defendant &amp; 3rd defendant permitting
and or indulging the 4th defendant to operate commercially as a bank concern in
the Greater Accra region, Ashanti region, and Brong Ahafo region respectively
for over 2 years without the requisite Bank of Ghana banking Licence was not
only negligent and or unconscionable but unconstitutional, fraudulent and
legally impermissible and as a result have caused substantial miscarriage of
justice and civil injuries to plaintiffs. <o:p></o:p>b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Declaration that by the testimony of
the Representative of the Governor of Bank of Ghana and Head of Banking
Supervision (i.e. 2nd &amp; 3rd defendants) herein on oath in civil Suit No.
RPC 102/2012 admitting and confirming that the Bank of Ghana was aware that 4th
defendant had no Licence from the Bank of Ghana whilst it (4th) defendant was
operating and also failing to warn the General Public from dealing with the 4th
defendant who was operating illegally and fraudulently in foreign transactions/
exchange amounted to a breach of article 183 (2)(d) of the 1992 Constitution of
Ghana, the Bank of Ghana Act, 2002 (Act 612) and the Banking Act, 2004 (Act
673).&nbsp; <o:p></o:p>c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Declaration that whatever the 1st,
2nd &amp; 3rd defendants did, whether deliberately, negligently or by omission
or commission by allowing, permitting or indulging the 4th defendant to
illegally and fraudulently operate by receiving cash deposits from the general
public including the Plaintiff without any Licence so to do amounted to a
serious breach of duty in a high voltage of bad faith and irrationality. <o:p></o:p><o:p>&nbsp;</o:p>d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The recovery of the judgment debt of GH₵7,269,718.38
from the 1st, 2nd &amp; 3rd which was obtained in favour of the Plaintiff
against the 4th defendant in Suit Nos. RPC 102/2012 and HRC/24/12A being the
quantum of cash deposits with the 4th defendant inclusive of cost and interest
on account of the 1st, 2nd &amp; 3rd defendants’ admission and contribution to
the 4th defendant’s commission of fraud against the Plaintiffs herein.<o:p></o:p>e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Declaration that the 1st, 2nd &amp;
3rd defendants owe a duty of care to the Plaintiffs to protect them
(plaintiffs) from illegal and fraudulent activities of banks and financial and
non-financial institutions in the country but the 1st, 2nd &amp; 3rd defendants
with a blameworthy mindset deliberately and unconscionably breached this duty
when the 1st, 2nd &amp; 3rd defendants failed/refused to stop the 4th defendant’s
illegalities and fraudulent activities or behaviour by passively allowing the
4th defendant to engage in On Line Forex Trading/foreign exchange transactions
with the Plaintiff’s deposits or cash investments.<o:p></o:p>f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A declaration that the 1st, 2nd &amp;
</main>