ERIC OSEI BONSU
V.
ARB APEX BANK LIMITED, BANK OF GHANA

JUDGMENT 

Plaintiff was appointed Managing Director of 1st Defendant for a four year term  effective 1st January, 2008 ending 31st December, 2011. The appointment was  renewable for a further four year term. 1st Defendant is a company incorporated  under the laws of Ghana engaged among others in the business of banking and responsible for supervision, monitoring and management of rural and community  banks in Ghana. 2nd Defendant is the Central Bank of Ghana and among others  responsible for the regulation of the banking industry. Prior to the end of  Plaintiff’s initial four year term, a petition by six Heads of Department of 1st Defendant was lodged against Plaintiff. The petition was investigated and adverse  findings made. Notwithstanding the findings, the Board of 1st Defendant on 23rd September 2011 decided to extend Plaintiff’s contract of appointment by a  majority decision of six votes to five. Plaintiff was informed of 1st Defendant’s  Board decision to renew his contract fo…