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MARGARET
INSAIDOO J (MS).
RULING ON INTEREST
I have read the submissions by the
Defendant
/Judgment/Debtor/Applicant on the
issue of the calculation of
interest and I have also
considered the arguments by
Counsel for the
Plaintiff/Judgment/Creditor on the
issue.
It's my opinion that, after
considering the authorities on the
point namely;
1. Royal Dutch Airlines (KLM)
v Farmex Ltd [1989-90]
2 GLR pg. 623 SC.
2)
Butt v Chapel Hill Properties Ltd
[2003-2004] Vol. SCGLR pg. 636
Particularly the Holding 3 by
Date-Bah JSC;
that the interest on the foreign
sum should be the percentage
prevailing in the country whose
currency the amount is stated. For
instance in the Royal
Dutch Airlines v. Farmex Ltd.
case, it was stated that the
amount to be paid in pound
sterling will attract interest at
the prevailing Bank of England
Rate.
Likewise in the instant case, the
dollar amount will attract
interest at the prevailing U.S
rate which is as stated by the
Bank of Ghana.
It is noted that the
Plaintiff/Judgment!
Creditors/Respondents have not
produced any contrary rate for the
courts consideration as they were
alleging.
In the circumstance therefore, I
order that the interest on the
dollar amount be computed using
the Bank of Ghana rate of the US$
at 5.25%. The Registrar of the
court is to ensure compliance of
this Order;
There shall be no order as to
Costs .
SGD) JUSTICE MARGARET INSAIDOO
PARTIES:
PLAINTIFFS ABSENT
PLAINTIFFS
DEFENDANT
DEFENDANT
APPLICANT PRESENT
COUNSEL:
KWABENA MENSAH FOR THE DEFENDANT/
JUDGMENT/ DEBTOR/APPLICANT -
PRESENT
COUNSEL FOR THE PLAINTIFFS -
ABSENT
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