NYAI TRADING ENTERPRISE LTD. vs. HFC BANK (GHANA) LTD. [2020]DLCA8809

Date	2020-05-15
Suit No.	SUIT NO. H1/81/2019
Citation No.	[2020]DLCA8809

ERIC K. BAFFOUR J.A

P. K. GYAESAYOR J.A

AMMA. A. GAISIE J.A

[2020]DLCA8809
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													<main id="main" class="content" style="min-height: 60rem" >NYAI TRADING ENTERPRISE LTD.<o:p></o:p>(PLAINTIFF/RESPONDENT)<o:p></o:p>vs.<o:p></o:p>HFC BANK (GHANA) LTD.<o:p></o:p>(DEFENDANT/APPELLANT)<o:p></o:p>[COURT OF APPEAL, 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. H1/81/2019&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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:
15TH MAY, 2020<o:p></o:p>

</div>CORAM:<o:p></o:p>ERIC K. BAFFOUR J.A, P. K. GYAESAYOR J.A, AMMA. A.
GAISIE J.A<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:150%;
border:none;mso-border-top-alt:solid windowtext 1.5pt;mso-border-bottom-alt:
solid windowtext 1.5pt;padding:0cm;mso-padding-alt:1.0pt 0cm 1.0pt 0cm">JUDGMENT<o:p></o:p>

</div><o:p>&nbsp;</o:p>Kyei Baffour JA:<o:p></o:p>This is an appeal against the judgment of the High
Court, Financial Division wherein the court below granted the prayers of the
Plaintiff/Respondent (hereinafter called the Respondent) against the
Defendant/Appellant (hereinafter called the Appellant). Respondent sought the
following reliefs that were endorsed on his writ:<o:p></o:p><o:p>&nbsp;</o:p><span style="font-size:12.0pt;line-height:150%;font-family:&quot;Book Antiqua&quot;,serif;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;;
mso-ansi-language:EN-US">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
An order for the
recovery of Gh₵112,740<o:p></o:p><span style="font-size:12.0pt;line-height:150%;font-family:&quot;Book Antiqua&quot;,serif;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;;
mso-ansi-language:EN-US">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest from the 10th
of September, 2014 to date of final payment<o:p></o:p><p class="MsoNormal" style="margin-top:0cm;margin-right:-3.05pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:0cm;
line-height:150%;mso-list:l25 level1 lfo40;tab-stops:35.45pt"><span style="font-size:12.0pt;line-height:150%;font-family:&quot;Book Antiqua&quot;,serif;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;;
mso-ansi-language:EN-US">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Cost.<o:p></o:p><o:p>&nbsp;</o:p>Respondent in not so much copious statement of claim averred
that as a long standing good customer of Appellant Bank, the latter on the 10th
of September, 2014 made transactions on his behalf by making dollar payments for
shipping documents that had been delivered into the custody of the Appellant.
That in the process of making the transaction, the Appellant used a higher
exchange rate of the dollar to the cedi at the time, that is Gh₵3.78 to the dollar and thereby refused or neglected to
use the correct exchange which was Gh₵3.60.
Respondent accordingly contended that if the exchange rate of Gh₵3.60 to a dollar had been used he would have been
surcharged with only Gh₵2,254,811.4 but
not 2,367,551.19 that Appellant charged him. That with the wrong exchange rate
used, Appellant made him incur cost of Gh₵112,740.57
which Appellant had refused to refund upon demands made by him.<o:p></o:p><o:p>&nbsp;</o:p>Appellant denied the essential averments in the claims
of Respondent by stating that it had the instructions of Respondent to proceed
with the transaction and debit its account with US$32,456.40. It further
contended that as far as Ghana’s monetary exchange rate regime was concerned in
dealing with forex, the rate of each Bank being its indicative rate was not
fixed but determined by the source where a Bank procures its forex and it was
not the business of the Bank of Ghana to fix indicative rates for sale of forex
by commercial banks. That the Respondent by a letter dated the 5th
of September, 2014 requested for the Appellant to proceed with the transaction
and accordingly applied its indicative rate which was displayed at the banking
hall for all customers and accordingly, the Respondent could not turn round
after the transaction and acceptance of the documents to complain by putting
forward the forex rate of other commercial banks as the rate which ought to
have been used for the transaction.<o:p></o:p>