Daniel Ofori Wins Final Battle Against Ecobank

Ghana’s Supreme Court has dismissed Ecobank Ghana’s final legal application in a long-running commercial dispute involving businessman and investor Daniel Ofori.

The ruling brings an end to one of Ghana’s most high-profile financial court battles and confirms that Ofori is entitled to significant interest payments linked to a 2008 share transaction.

The apex court delivered the decision on May 6, 2026. It rejected Ecobank’s attempt to set aside an earlier judgment entered in Ofori’s favour.

The court also confirmed that compound interest at a rate of 30 percent will apply from June 2, 2008, to July 25, 2018. In addition, post-judgment interest of 13.5 percent will continue to accrue until the full amount is paid.

The Supreme Court awarded GH¢50,000 in legal costs against Ecobank in favour of Ofori. Full reasons for the ruling are expected within seven days.

Ecobank’s legal team was led by Senior Advocate Ace Anan Ankomah, while Tsatsu Tsikata represented Daniel Ofori.

Background of the dispute

The case dates back to May 2008 and involved the sale of 14.31 million CalBank shares on the Ghana Stock Exchange.

Daniel Ofori, through Databank Brokerage, sold the shares to a buyer whose bank was Ecobank Ghana. The transaction was completed on the trading floor on May 27, 2008.

Three days later, Databank presented the transaction for payment. By that time, ownership of the shares had already been transferred to the buyer.

However, Ecobank refused to release the full payment after intervention from the Bank of Ghana, which had raised concerns about the transaction.

Ofori later sued the bank.

Years of court battles

The High Court ruled in Ofori’s favour in 2011 on the issue of entitlement, although disagreements remained over interest calculations.

Ecobank appealed the ruling, and the Court of Appeal overturned the decision in 2013.

Ofori then challenged that ruling at the Supreme Court.

In July 2018, the Supreme Court unanimously ruled in his favour and ordered Ecobank to pay the principal amount together with interest at the agreed rate of 30 percent.

Following the judgment, Ecobank filed several legal applications challenging the ruling and disputing the interest calculations.

In November 2021, Ofori’s lawyers issued a writ of fieri facias against Ecobank’s head office after the bank reportedly failed to pay more than GH¢96 million ordered by the court.

The dispute continued for several more years until the latest Supreme Court decision closed all remaining legal avenues.

Final ruling increases financial pressure

With the latest ruling, Ecobank is now required to pay compound interest covering nearly two decades.

The combined effect of the 30 percent compound interest and the additional 13.5 percent post-judgment interest is expected to significantly increase the final amount owed.

Who is Daniel Ofori?

Daniel Ofori is regarded as one of the most influential individual investors on the Ghana Stock Exchange.

His investment portfolio includes stakes in several major companies, including GCB Bank, Societe Generale Ghana, SIC Insurance, and CalBank.

He also founded White Chapel Limited, one of Ghana’s well-known retail chains, before expanding into investing and real estate development.

The legal battle with Ecobank lasted more than 15 years and passed through multiple courts before reaching its conclusion at the Supreme Court.