NOVA COMPLEX LIMITED vs. GHANA PORT & HARBOURS AUTHORITY

The respondent obtained a Supreme Court judgment against the appellant and payments were made into court in cedis and US dollars. The dispute arose over the amount of post-judgment interest payable, specifically the applicable interest rate on the US dollar component and whether the Court Award of Interest and Post Judgment Interest Rules, 2005 CI 52 applied retroactively. The respondent sought a garnishee order for unpaid post-judgment interest, which was initially granted then discharged by the High Court with specific interest rates ordered. The Court of Appeal allowed the respondent's appeal, ordering post-judgment interest on the dollar component at the prevailing US rate until final payment. The appellant appealed to the Supreme Court contesting retroactive application of CI 52 and the applicable interest rate.

DR. DATE-BAH, J.S.C: This is the unanimous judgment of the Court. FACTS This case relates to a dispute about the amount of interest due from a judgment-debtor to a judgment creditor. The respondent in this case filed a motion ex parte on 16th July 2007 for a garnishee order nisi directed at banks where the appellant has accounts. In her affidavit in support of this motion, the Managing-Director of the respondent deposed to the fact that the respondent had obtained judgment in the Supreme Court against the appellant on 15th November 2006 and that the appellant had on 3rd January 2007 paid into court 905,735,855.00 cedis and a further $1,535,437.50 by March 2007.These payments had been made in satisfaction of a Supreme Court order in this case which was in the following terms: “The decision of this court is unanimous. The appeal fails in part and succeeds in part only ie on the ground dealing with the award of the sum of $2,658,300 as an indemnity for the respondent’s tort, a...