вЂвЂ™We hold that the manner for calculating interest on the involved amount of GHВў 6,120,240 shall be at thirty per cent compound interest from 2nd June, 2008 to 25th July 2018, the day of the main judgment. However, when the final orders were being drawn this is how it appeared: In that ruling, the Court explained that since the statutory rate of interest prevailing at the time was not discernible from the many different rates of interest existing at the time, the court was going to choose the Treasury bill rate at the time. the GHВў 6,162,240 is to attract interest at the rate of 30% at compound interest from 2nd June, 2008 till date of the Supreme Court judgment (), and thereafter at the statutory rate of interest prevailing at the time of the main judgment, that is, 13.34% at simple interest till date of final paymentДў The defendant shall also pay interest on the amount of GHВў 7,600,000 at the Treasury bill rate of 13.34% from till date of final paymentвЂ™вЂ™ So the defendant shall pay interest at 13.34% on GHВў 7,600.000 at simple interest from to date of final payment вЂњthe wording of the statute is such that once there is a dispute as to the prevailing bank rate, the treasury bill rate is applicable. In a reasoned ruling filed in the registry, the court held among other things as follows: Their grounds for their respective positions were canvassed in exhaustive statements of case ordered by the court, together with any oral submissions that counsel wanted to add.

It is this difference between the parties that the 1st defendant prayed the court to resolve that culminated in the ruling of this court dated 17th June 2020. In its affidavit in answer, the 1st defendant calculated the interest on the investment at simple interest and stated the prevailing rate of interest as at as 13.34%. Secondly he stated the statutory rate of interest as at as 22%. In the attached proposed entry of judgment, the plaintiff calculated the interest rate on the investment amount of GHВў 6,162,240.00 on the basis of compound interest. Subsequent to the review ruling of the court, the plaintiff filed a motion on notice seeking to amend its entry of judgment filed on the basis of the main judgment. The GHВў 7,600,000 was to attract interest at the statutory rate as at from 2nd June, 2008 till date of payment.The GHВў 6,162,240 was to attract interest at the rate of 30% from 2nd June 2008 till date of the Supreme Court judgment (25/7/18), and thereafter, at the statutory rate of interest prevailing at the time of the main judgment.Following an application for review of this courtвЂ™s judgment, delivered on 25th July, 2018, this court gave a final order as follows: This ruling is in respect of the application for Clarification and Review filed by the Plaintiff/Judgment Creditor/Applicant. ECOBANK GHANA LIMITEDвЂ¦вЂ¦1ST DEFENDANT/RESPONDENT/RESPONDENT/.

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