Koo submits his resignation letter to his employer. His employer takes a hard look at the letter. He shrugs his shoulders and sends an email – “koo, your resignation has been rejected because clause 200.1 of your employment contract requires that you reach a particular sales target before you can resign.” The above scenario raises...
The Supreme Court in the case of Republic v Bank of Ghana & 5 Ors; Ex Parte Benjamin Duffour[1]has held that a party to a suit may well be in contempt of court in the absence of formal court order. The Court stressed that a person was in contempt of court if that person engaged...
The Supreme Court in the case of Republic v Bank of Ghana & 5 Ors; Ex Parte Benjamin Duffour[1]has held that an injunction order prohibiting an employer from holding disciplinary hearings against an employee in a specific matter does not bar the employer from initiating separate disciplinary proceedings against the same employee in respect of...
The recent collapse of 7 commercial banks has generated a lot of interest and discussions. In spite of these discussions, not much has been said about the deposit protection angle to this matter. This article, therefore, considers the role of a functional deposit protection scheme in averting a banking crisis and taking care of the...
Messrs Twumasi Ankrah and Nartey in different articles concerning the legal consequences of the operation of Menzgold Ghana Limited were unanimous on one point: that money goes beyond funds and cash. Both of them relying on the Black’s Law Dictionary came to the conclusion that the word ‘money’ in the context of the Banks and...
The Supreme Court in the case of Francis Owusu Mensah & Anor v National Board for Professional and Technical Examinations & 2 Ors[1]has emphasized the need for administrative bodies to act fairly and reasonably in disciplining public officers and also ensure that public officers are dismissed only with just cause. Failing this, the decision of...
The Bank of Ghana (BoG) in furtherance of its supervisory powers under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) has embarked on a ‘house’ cleaning exercise within the banking and financial sector with the aim of, among others, sanitizing and bolstering confidence in the sector. This exercise has led to the BoG...
In November 2017, the Bank of Ghana (BOG) via notice[i]cautioned the public against transacting business with Menzgold Ghana Company Limited (Menzgold). The notice further stated that anyone who continues to transact business with the company “does so at his or her own risk, and the Bank of Ghana will not be liable to such clients...
The conversation relating to the August 1, 2018 announcement of the ‘collapse’ and so-called ‘consolidation’ of the five banks[1]went from taking stock of the intensity of what had happened and quickly veered into what ought to be the personal liability of the directors and management involved with these banks. Over the rest of the week...
While the majority of players and stakeholders in the financial space welcome the recent Bank of Ghana (BOG) intervention regarding the recent the ‘collapse’ of the five banks[1]and the creation of the new Consolidated Bank Ghana Limited (CBG), this move has generated some uncertainty over the legal dimensions of the regulator’s intervention. In the news, we have...