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May 14, 2026
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Gabby reacts to Ecobank case, warns of possible market shock
Money
Policy
Growth
Key Points
- Gabby Otchere-Darko expressed alarm over a Supreme Court ruling awarding businessman Daniel Ofori 30% monthly compounded interest over a decade against Ecobank Ghana and the Ghana Stock Exchange.
- The Supreme Court dismissed an application by Ecobank and GSE, upholding Ofori's entitlement to monthly compounded interest on GHS 6.16 million from 2008-2018, then 13.34% simple interest.
- Otchere-Darko highlighted that the Bank of Ghana, when consulted, reportedly advised that compound interest should ordinarily be annual, not monthly.
- He questioned the accuracy of media reports and expressed surprise if the court indeed ignored the central bank's advice, stating he awaits the full judgment.
- Otchere-Darko warned of "far-reaching" implications for Ghana's financial and judicial systems and urged Ecobank to issue a reassuring statement to the market.
Why This Matters
This Supreme Court ruling could set a significant precedent for interest calculations in commercial disputes, potentially impacting the stability and predictability of Ghana's financial markets. The high rate and monthly compounding could create substantial liabilities for financial institutions, affecting investor confidence and the overall cost of doing business in the country. It also raises questions about the judiciary's approach to technical financial matters, especially when seemingly going against central bank advice.
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