What began as a simple and straight-forward transaction between two Ghanaian registered limited liability companies over ten years ago has unfortunately led to a protracted litigation dating back to 30th June 2004. On the said date, the Plaintiff/Respondent/Respondent, hereinafter called the Respondent, brought an action against the Defendant/Appellant/Appellant, hereinafter called the Appellant, at the High Court seeking these reliefs:
1. Interest on the cedi equivalent of US$500,000.00 from 5th December 2002 to date of final payment at the current Bank Rate.
2. Special damages.
3. General damages for breach of contract.
The facts which gave birth to the action before the High Court were the following. The Appellant sold property numbered 1-3 and 10-12 situate at Kumasi, popularly called SNR 1 SAT Building, which forms part of Kumasi Part 1 lands, to the Respondent at a fee of US$500,000.00, payable in three instalments over a given period of time. Having recei…