A leading member of the New Patriotic Party (New Patriotic Party), Gabby Asare Otchere-Darko, has expressed concern over media reports surrounding a reported Supreme Court ruling in favour of businessman Daniel Ofori against Ecobank Ghana.
According to reports cited by Mr Otchere-Darko, the apex court ruled that Mr Ofori’s “investment of GH¢6,163,240 is entitled to 30% monthly compounded interest from 2 June 2008 to 25 July 2018. The ruling mandates 13.5% interest on the debt after the 2017 judgment date until final payment, dismissing Ecobank’s appeal.”
Reacting to the reports in a post on X, Mr Otchere-Darko said the figures resulting from such calculations were “so staggering” that he would not even dare publish them.
He further noted that during the appeal hearing, the Supreme Court reportedly admitted a lack of technical expertise on interest computation and sought guidance from the Bank of Ghana.
According to him, the central bank advised that interest calculations are largely dependent on the wording of contracts and that where compound interest applies, it is ordinarily done annually and not monthly.
“Though not binding, that is why I would be most surprised if the Court indeed ignored such expert advice and imposed monthly compound interest over a decade,” he stated.
Mr Otchere-Darko added that he suspects there may be inaccuracies in the media reportage and said he is “keenly” awaiting the release of the full judgment.
He also called on Ecobank Ghana to issue a statement to reassure customers, shareholders and the wider financial market, warning that the implications of the case could be “far-reaching than we may even care to contemplate.”
I’ve read media reports on a Supreme Court decision of 12 May in favour of businessman Daniel Ofori against Ecobank Ghana. Reportedly, the Court ruled that Mr Ofori’s “investment of GH¢6,163,240 is entitled to 30% monthly compounded interest from 2 June 2008 to 25 July 2018. The…
— Gabby Otchere-Darko (@GabbyDarko) May 14, 2026
