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ECO BANK GHANA LTD. AND EDC STOCK BROKERAGE LTD. V. AFARE APEADU DONKOR

(2016) JELR 67909 (CA)

Court of Appeal  •  CIVIL APPEAL NO: H1/136/2016  •  20 Oct 2016  •  Ghana

Coram
KUSI-APPIAH (J.A). – PRESIDING, ADUAMA OSEI (J.A.),AMADU TANKO (J.A.)

Judgement

JUDGMENT

KUSI-APPIAH, ( J.A.): The only issue that arises for determination in this appeal is whether the High Court, Accra, Commercial Division was right in holding that the rate of interest applicable on the judgment debt shall vary from time to time as long as the debt remains unpaid. Put differently was the High Court right in holding that the interest rate chargeable on the judgment debt shall fluctuate and not be fixed or crystallized once the debt remains unpaid.

The facts relevant to this appeal were the following: On 19th December 2013, the High Court, Accra, Commercial Division, gave judgment in favour of the plaintiff/respondent, hereinafter called the Respondent against the defendants/appellants, hereinafter called the Appellants for special damages of Gh₵6,770,440 for diminution in value and financial loss. The court also ordered interest to be paid on the said damages from September 2011 till date of final payment.

Subsequently, the respondent entered judgment for the said …

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