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…