Ecobank: Our financial position remains strong despite Supreme Court ruling

Ecobank Ghana PLC has assured customers and stakeholders that its financial position remains strong and its operations unaffected following a fresh Supreme Court setback in its long-running legal battle with businessman Daniel Ofori.

In a media statement issued on May 16, the bank said it was aware of the recent court ruling involving claims against it and would continue to respect the judicial process while upholding the rule of law.

“As a responsible financial institution, Ecobank Ghana PLC respects the judicial process and will continue to uphold the rule of law,” the bank stated.

The bank further sought to calm concerns among customers, emphasizing that its financial position remains strong and resilient despite the legal developments.

“We wish to reassure our customers that the Bank’s financial position remains strong and resilient and our services continue without disruption,” the statement added.

The assurance follows a major legal victory for Daniel Ofori after the Supreme Court of Ghana dismissed Ecobank’s latest attempt to overturn an earlier judgment in his favour in a dispute linked to a 2008 investment transaction.

In its ruling delivered on May 6, 2025, the apex court reaffirmed that Mr. Ofori is entitled to 30 percent monthly compounded interest on an investment amount of GH¢6.16 million from June 2, 2008, to July 25, 2018 — the date of the court’s original judgment.

The court also ordered the bank to pay post-judgment interest at 13.5 percent per annum until the debt is fully settled, in addition to GH¢50,000 in legal costs awarded to Mr. Ofori.

The case originates from a disputed share transaction involving CAL Bank PLC shares nearly two decades ago.

The latest ruling effectively reinforces earlier Supreme Court decisions in favour of Mr. Ofori and closes another chapter in a prolonged legal battle that has gone through multiple hearings, reviews, and applications since the initial judgment in 2018.

In earlier proceedings, the court clarified that the 30 percent compound interest must first be applied up to the 2018 judgment date, after which the statutory post-judgment interest would apply to the full judgment debt until final payment.

Despite the ruling, Ecobank said that all banking services across its branches and digital platforms remain fully operational, with no disruption to customer transactions.