THE REPUBLIC vs. BANK OF GHANA EX PARTE: EXPRESSWAY MICROFINANCE LTD [2023]DLSC16998

Date	2023-07-27
Suit No.	CIVIL APPEAL NO: J4/20/2023
Citation No.	[2023]DLSC16998

SACKEY TORKORNOO (MRS.) CJ (PRESIDING)

AMADU JSC

KULENDI JSC

ASIEDU JSC

GAEWU JSC

FRANK DAVIES ESQ.

KWODWO BOAMAH BOKYE ESQ.

K. T. HAMMOND ESQ.

ABDUL HADI KEELSON ESQ

DANIEL KUPUALOR ESQ.

[2023]DLSC16998
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													<main id="main" class="content" style="min-height: 60rem" ><a name="_Hlk154138250"></a><a name="_Hlk152146143"><span style="font-size:12.0pt;mso-bidi-font-size:
11.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:
&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;;color:#00B0F0">THE REPUBLIC <o:p></o:p></a><span style="font-size:10.0pt;mso-bidi-font-size:11.0pt;line-height:
115%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;
mso-bidi-font-family:&quot;Book Antiqua&quot;">(PLAINTIFF)<o:p></o:p><span style="font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:
115%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;
mso-bidi-font-family:&quot;Book Antiqua&quot;;color:#00B0F0">vs.<o:p></o:p><span style="font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:
115%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;
mso-bidi-font-family:&quot;Book Antiqua&quot;;color:#00B0F0">BANK OF GHANA <o:p></o:p><span style="font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:
115%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;
mso-bidi-font-family:&quot;Book Antiqua&quot;;color:#00B0F0">EX PARTE: <o:p></o:p><span style="font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:
115%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;
mso-bidi-font-family:&quot;Book Antiqua&quot;;color:#00B0F0">EXPRESSWAY MICROFINANCE LTD<o:p></o:p><span style="font-size:10.0pt;mso-bidi-font-size:11.0pt;line-height:
115%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;
mso-bidi-font-family:&quot;Book Antiqua&quot;">(RESPONDENT/ APPLICANT /APPELLANT)<o:p></o:p><span style="font-size:
10.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,serif;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">[SUPREME
COURT, ACCRA]<o:p></o:p><span style="font-size:
10.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,serif;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">&nbsp;<div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: black; padding: 0cm 0cm 1pt;">

<p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:
justify;line-height:115%;tab-stops:4.5pt;border:none;mso-border-bottom-alt:
solid black 1.5pt;padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm"><a name="_heading=h.gjdgxs"></a><span style="font-size:10.0pt;mso-bidi-font-size:
11.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:
&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">CIVIL APPEAL NO: J4/20/2023&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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: 27TH
&nbsp;JULY, 2023&nbsp; <span style="font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:
115%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;
mso-bidi-font-family:&quot;Book Antiqua&quot;"><o:p></o:p>

</div><span style="font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family:
&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:
&quot;Book Antiqua&quot;">CORAM <o:p></o:p>SACKEY
TORKORNOO (MRS.) CJ (PRESIDING)<o:p></o:p>AMADU JSC<o:p></o:p>KULENDI JSC<o:p></o:p>ASIEDU JSC<o:p></o:p>GAEWU JSC<span style="font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family:
&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:
&quot;Book Antiqua&quot;;mso-bidi-font-weight:bold"><o:p></o:p><div style="border-top-width: 1.5pt; border-top-color: black; border-left: none; border-bottom-width: 1.5pt; border-bottom-color: black; border-right: none; padding: 1pt 0cm;">

<p class="MsoNormal" align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;
text-align:center;line-height:115%;tab-stops:4.5pt;border:none;mso-border-top-alt:
solid black 1.5pt;mso-border-bottom-alt:solid black 1.5pt;padding:0cm;
mso-padding-alt:1.0pt 0cm 1.0pt 0cm"><span style="font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family:
&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:
&quot;Book Antiqua&quot;">JUDGMENT<o:p></o:p>

</div>&nbsp;SACKEY TORKORNOO CJ:-<o:p></o:p>Background to the dispute<o:p></o:p>The Applicant/Appellant/Respondent
(hereafter referred to as Applicant) is a microfinance company. <o:p></o:p>According to depositions
in the supporting affidavit by the majority shareholder and a director of the
Applicant, the company was set up in 2013, and given a license by the Bank of
Ghana to operate as a non-bank financial institution in June 2014, even before
the company received a certificate to commence business in 2015. The business
of the company included taking of deposits, granting of loans and investments. Three
other affidavits were filed by a minority shareholder and chairman of the
company, the accountant of the company, and a consultant to the company in
support of the suit.<o:p></o:p>&nbsp;They averred that on May 31, 2019, the Bank
of Ghana, the Respondent/ Respondent/ Appellant (hereafter referred to as
</main>