The High Court in Accra has dismissed an application filed by businessman Nana Kwame Bediako, popularly known as Cheddar, seeking to stop the enforcement of a $14.9 million judgment obtained against him by UK-based Cola Holdings Limited.
The Commercial Division of the High Court also awarded GH¢20,000 in costs against Nana Kwame Bediako following the dismissal of his application.
Court Rejects Cheddar’s Request to Halt Judgment Enforcement
The application, filed by lawyer Bobby Banson, sought an order preventing Cola Holdings from enforcing an English High Court judgment against Bediako personally while he pursued an appeal against an earlier decision refusing to set aside the registration of the judgment in Ghana.
Justice Doris Awuah Dabanka-Bekoe dismissed the application on July 27, 2026.
The original judgment, dated January 23, 2025, was obtained by Cola Holdings against Nana Kwame Bediako personally and subsequently registered for enforcement in Ghana on May 20, 2025.
An earlier application by Bediako’s legal team to overturn the registration of the judgment was rejected by the court on November 27, 2025.
$14.9 Million Debt Judgment
Under the English court judgment, Bediako was ordered to pay $14,928,314.70, together with interest at an annual rate of eight per cent.
The interest was calculated at approximately $3,271.96 per day from January 23, 2025. Based on a Treasury exchange rate of GH¢16.15 to US$1, the total financial exposure, including interest and costs, was estimated at about GH¢258.76 million.
Background to Nana Kwame Bediako and Cola Holdings Dispute
The legal dispute is connected to a Deed of Indemnity signed by Bediako concerning his share of repayment obligations relating to a loan from the International Finance Corporation (IFC).
Cola Holdings had guaranteed the loan obtained by Kensington Residential Partners 1 Ltd, a company in which Nana Kwame Bediako and Azad Cola hold shares.
After the loan defaulted, the IFC called on Cola Holdings to honour its guarantee. Cola Holdings subsequently settled the loan, after which the IFC assigned its interest in the loan to the company.
Cola Holdings later sought repayment from Bediako for his portion of the outstanding obligation. After unsuccessful attempts to secure repayment, the company commenced legal proceedings in the High Court in London.
Bediako has maintained that the dispute relates to a corporate loan rather than a personal debt and has challenged the manner in which the judgment was obtained.
Why the Ghana High Court Rejected the Application
In dismissing the application, Justice Dabanka-Bekoe considered established legal principles governing applications for a stay of execution pending appeal.
The court relied on principles set out in Joseph v Jebeille and affirmed by the Supreme Court in NDK Financial Services Ltd v Yiadom Construction and Electrical Works Ltd.
The court found that Bediako’s proposed grounds of appeal, including arguments concerning the currency of the debt, interest rate and alleged public policy violations, did not raise sufficiently arguable issues to justify granting the requested injunctive relief.
Court Finds Cola Holdings Has Assets in Ghana
Another important factor in the ruling was the court’s finding that Cola Holdings has identifiable assets within Ghana.
The company presented documents including a certificate of registration of a mortgage from the Registrar of Companies and a memorandum of registration of mortgage from the Lands Commission.
The documents demonstrated that Cola Holdings had registered security interests over immovable and other assets in Ghana.
The court noted that some of the same documents had also been presented by Bediako himself in his earlier attempt to challenge the registration of the English judgment.
Consequently, the court rejected Bediako’s claim that Cola Holdings had no traceable assets in Ghana, finding that the assertion was inconsistent with the evidence before the court.
GH¢20,000 Costs Awarded Against Cheddar
The High Court subsequently ordered Nana Kwame Bediako to pay GH¢20,000 in legal costs.
However, the judge declined to impose punitive costs, acknowledging that a litigant has the right to challenge a court decision through an appeal and seek appropriate protection while the appeal is pending.
The latest ruling comes shortly after another High Court decision on July 21, 2026, which granted Cola Holdings and its Receiver police assistance to take possession of the No. 1 Oxford Street Hotel in Osu, a property linked to Bediako.
In that separate case, the court held that Cola Holdings had properly registered its security interest over the property and could enforce its rights under the Borrowers and Lenders Act, 2020 (Act 1052).
Cola Holdings and its Receiver were represented by Tsatsu Tsikata and Tata Kosi Foliba, while Nana Kwame Bediako was represented by Bobby Banson.
The latest court ruling means the legal battle between Nana Kwame Bediako and Cola Holdings Limited over the multimillion-dollar judgment and its enforcement in Ghana continues to attract significant attention.
Source: newsthemegh.com