N.D.K. FINANCIAL SERVICES vs. JOSEPH ADE COKER

MARIAMA OWUSU, J.A.: On 22nd day of August, 2014, the High Court, (Commercial Division) Accra, ruled among other things as follows: “The Court thinks that the expression in respect of the mode of the calculation of interest is almost meaningless. A calculation of interest per month at the rate of 6% should suffice. For these reasons the figure arrived at by the Auditor as the amount owing by the defendant is not only unconscionable but completely unacceptable and the same is set aside. The parties are hereby directed to appear before the Registrar of the Court on the 28th day of August, 2014 with evidence of payments made by the defendants up to the 31st December, 2011. The Registrar shall then on the basis of the evidence ascertain how much of the Gh¢1,000,000.00 was still outstanding by the defendant on 31st December, 2011. The interest shall then be calculated at simple interest at the rate of 6% per month on the amount due and owing by the defendant on 31st December, 20...