Key Takeaways
- The High Court (Commercial Division 3) in Accra has dismissed Nana Kwame Bediako's application to restrain Cola Holdings Ltd from enforcing a judgment against him.
- The court awarded GH¢20,000 in costs against Nana Kwame Bediako in favour of Cola Holdings Ltd.
- Nana Kwame Bediako's attempt to halt enforcement of the registered English judgment pending his appeal has failed.
The High Court (Commercial Division 3) in Accra has dealt a significant blow to Nana Kwame Bediako's efforts to evade a judgment obtained against him by Cola Holdings Ltd in the English High Court. On Monday, July 27, 2026, the court, presided over by Justice Awuah Dabanka-Bekoe, dismissed Nana Kwame Bediako's application seeking an injunction pending the determination of an appeal against an earlier decision refusing to set aside the registration in Ghana of the English judgment.
The English judgment, dated January 23, 2025, was obtained against Nana Kwame Bediako personally for US$14,928,314.70, or its sterling equivalent at the date of payment. The judgment also ordered Nana Kwame Bediako to pay a daily interest of $3,271.96 from January 23, 2025, at the rate of 8% per annum.
Background & Context
The dispute between Nana Kwame Bediako and Cola Holdings Ltd stems from a loan obtained from the International Finance Corporation (IFC) by Kensington Residential Partners 1 Ltd, a company in which Nana Kwame Bediako and Azad Cola hold shares. Nana Kwame Bediako had signed a Deed of Indemnity concerning his share of the repayment obligation. Cola Holdings Ltd guaranteed the loan and subsequently settled the debt after the IFC called on it to honour its obligations.
The IFC later assigned its interest in the loan to Cola Holdings Ltd, which subsequently sought to recover Nana Kwame Bediako's share of the repayment. However, its efforts were unsuccessful, leading Cola Holdings Ltd to commence proceedings in the High Court in London and obtain judgment against Nana Kwame Bediako. The judgment was subsequently registered in Ghana.
Key Findings
The latest ruling by the High Court (Commercial Division 3) means that Nana Kwame Bediako's attempt to halt enforcement of the registered English judgment pending his appeal has failed. The court awarded GH¢20,000 in costs against Nana Kwame Bediako in favour of Cola Holdings Ltd.
The decision is a significant setback for Nana Kwame Bediako, who had been seeking to evade the judgment obtained against him by Cola Holdings Ltd. The English judgment, dated January 23, 2025, was obtained against Nana Kwame Bediako personally for US$14,928,314.70, or its sterling equivalent at the date of payment.
Broader Implications
The High Court's decision has significant implications for Nana Kwame Bediako's financial obligations. The court's ruling means that Nana Kwame Bediako must now pay the amount owed to Cola Holdings Ltd, which is estimated to be in excess of GH¢100 million. The decision also sets a precedent for future cases involving the enforcement of judgments obtained in foreign courts.
The case highlights the importance of adhering to contractual obligations and the consequences of defaulting on payments. It also underscores the need for individuals and companies to seek legal advice before signing any agreements or contracts that may have far-reaching consequences.
Looking Ahead
Nana Kwame Bediako's legal team has indicated that they will appeal the decision, but the High Court's ruling has dealt a significant blow to his efforts to evade the judgment obtained against him by Cola Holdings Ltd. The case will continue to be closely monitored by the business community and the general public, who are keenly interested in the outcome.
The decision has significant implications for the business community, particularly in relation to the enforcement of judgments obtained in foreign courts. It also highlights the importance of adhering to contractual obligations and the consequences of defaulting on payments.
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