ECO BANK GHANA LTD. AND EDC STOCK BROKERAGE LTD. vs. AFARE APEADU DONKOR [2016]DLCA5059

Date	2016-10-20
Suit No.	CIVIL APPEAL NO: H1/136/2016
Citation No.	[2016]DLCA5059

KUSI-APPIAH (J.A). – PRESIDING

ADUAMA OSEI (J.A.)

AMADU TANKO (J.A.)

MR. W. BABA AVIO FOR THE DEFENDANT/APPELLANT

MR. S. M. ASANTE FOR THE PLAINTIFF/RESPONDENT

[2016]DLCA5059
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													<main id="main" class="content" style="min-height: 60rem" >ECO BANK GHANA LTD. AND EDC
STOCK BROKERAGE LTD.<o:p></o:p>(DEFENDANTS/APPELLANTS)<o:p></o:p>vs.<o:p></o:p>AFARE APEADU
DONKOR<o:p></o:p>(PLAINTIFF/RESPONDENT)<o:p></o:p><o:p>&nbsp;</o:p>[COURT OF APPEAL, ACCRA]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 0in 1.0pt 0in">

CIVIL APPEAL NO: H1/136/2016&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;DATE: 20TH OCTOBER, 2016<o:p></o:p>

</div>COUNSEL:&nbsp;&nbsp; <o:p></o:p>MR. W. BABA AVIO FOR THE
DEFENDANT/APPELLANT<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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MR.
S. M. ASANTE FOR THE PLAINTIFF/RESPONDENT<o:p></o:p>

</div>CORAM:
<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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KUSI-APPIAH (J.A). – PRESIDING, ADUAMA OSEI
(J.A.),AMADU TANKO (J.A.)<o:p></o:p>

</div><o:p>&nbsp;</o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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JUDGMENT<o:p></o:p>

</div>KUSI-APPIAH,
( J.A.):&nbsp; The only issue that arises for
determination in this appeal is whether the High Court, Accra, Commercial
Division was right in holding that the rate of interest applicable on the
judgment debt shall vary from time to time as long as the debt remains unpaid.&nbsp; Put differently was the High Court right in
holding that the interest rate chargeable on the judgment debt shall fluctuate
and not be fixed or crystallized once the debt remains unpaid.<o:p></o:p><o:p>&nbsp;</o:p>The facts relevant to this
appeal were the following:&nbsp; On 19th
December 2013, the High Court, Accra, Commercial Division, gave judgment in
favour of the plaintiff/respondent, hereinafter called the Respondent against
the defendants/appellants, hereinafter called the Appellants for special
damages of Gh₵6,770,440
for diminution in value and financial loss.&nbsp;
The court also ordered interest to be paid on the said damages from
September 2011 till date of final payment.<o:p></o:p><o:p>&nbsp;</o:p>Subsequently, the respondent
entered judgment for the said judgment debt and cost.&nbsp; Pursuant to leave granted by the trial High
Court on 9th July, 2015, the respondent amended his Entry of
Judgment.<o:p></o:p><o:p>&nbsp;</o:p>Upon service of the
respondent’s amended entry of judgment, the appellants discovered several
errors on the face of that process.&nbsp;
Notable among the errors was the calculation of the interest payable on
the principal judgment debt by compound interest instead of simple interest.<o:p></o:p></sp</main>