Ratio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio Decidendi



SAMUEL GYAMFI AND 693 OTHERS
V.
BANK OF GHANA AND ANOTHER

(2019) JELR 69742 (HC)    
High Court  ·  SUIT NO. OCC 113/2014 ·  29 Mar 2019 ·  Ghana
CORAM
HIS LORDSHIP JUSTICE DR. RICHMOND OSEI-HWERE

Ratio Decidendi

Core Terms Beta
plaintiffs
bank of ghana
2nd defendant
4th defendant
1st defendant
3rd defendants
investment services
banking services
general public
financial institutions
cross examination
legal burden of proof
burden of proof
evidence act
existence of a fact
financial services
head of banking supervision
high court
limited liability company
onward investment limited
proper parties
29th day of june
3rd defendant permitting
3rd defendants’ admission
administering of means of payment
bank of ghana act
business of investment
cash deposits
cash investments
cogent evidence
favour of the plaintiff
following issues
following reliefs
fraudulent activities of banks
ghana police service
intentional act of 1st defendant
laws of ghana
loss of substantial sums of money
plaintiffs’ case
recovery of the judgment debt of gh
regulation of banks
regulatory duty of the central bank
requisite bank of ghana banking licence
statement of claim
totality of the evidence

OSEI-HWERE, J.

Background

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.

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 De…

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