SOPHIA ADINYIRA (MRS), J.S.C.
The Plaintiffs are all former employees of Ghana Commercial Bank the Defendant herein in the two suits having been employed and worked for the Defendant at various periods of time between 1961 and 2002. In 1976 the Defendant established a scheme known as the Ghana Commercial Bank Special Pension Scheme. In this judgment we shall simply refer to it as the Scheme. The rules regulating the operation of the Scheme were approved by the Board of Directors of Ghana Commercial Bank pursuant to Regulation 35(1) of the Ghana Commercial Bank Regulations which have been scheduled to section 13 of the Ghana Commercial Bank Decree of 1972 (NRCD 115). Under this Scheme the Defendant undertook to make payments of money to its employees who upon satisfying conditions stipulated in the rules of the Scheme were to proceed on pension.
The Scheme was a non-contributory scheme. It was to be financed and resourced from the profits of the bank and no employee was requ…