ECOBANK GHANA LTD. AND EDC STOCK BROKERAGE LTD. vs. AFARE APEADU DONKOR [2016]DLCA8432

Date	2016-10-27
Suit No.	CIVIL APPEAL:NO: H1/136/2016
Citation No.	[2016]DLCA8432

KUSI-APPIAH (J.A). – PRESIDING

ADUAMA OSEI (J.A.)

TANKO AMADU (J.A.)

ASONABA DAPAAH (MISS) FOR THE APPELLANTS

OFOSUAA AMAGYEI (MISS) FOR THE RESPONDENT

[2016]DLCA8432
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													<main id="main" class="content" style="min-height: 60rem" >ECOBANK GHANA LTD. AND EDC STOCK BROKERAGE LTD.<o:p></o:p>(DEFENDANTS/APPELLANTS)<o:p></o:p><span lang="EN-GB" style="mso-bidi-font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,serif;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;;
color:#00B0F0;mso-ansi-language:EN-GB">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 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;padding:0cm 0cm 0cm 0cm">

<p class="MsoNormal" align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;
text-align:center;line-height:normal;border:none;mso-border-bottom-alt:solid windowtext .5pt;
padding:0cm;mso-padding-alt:0cm 0cm 0cm 0cm">CIVIL APPEAL:NO:&nbsp; 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;DATE: 27TH OCT, 2016<o:p></o:p>

</div>COUNSEL:<o:p></o:p>ASONABA DAPAAH (MISS) FOR THE APPELLANTS<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0cm 0cm 1.0pt 0cm">

OFOSUAA
AMAGYEI (MISS) FOR THE RESPONDENT<o:p></o:p>

</div><span lang="EN-GB" style="mso-bidi-font-size:
12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:
&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;;mso-ansi-language:EN-GB">CORAM:<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0cm 0cm 1.0pt 0cm">

KUSI-APPIAH (J.A). – PRESIDING, ADUAMA OSEI
(J.A.), TANKO AMADU (J.A.)<o:p></o:p>

</div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0cm 0cm 1.0pt 0cm">

<p class="MsoNormal" align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;
text-align:center;border:none;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm">JUDGMENT<o:p></o:p>

</div><span lang="EN-GB" style="mso-bidi-font-size:12.0pt;line-height:150%;font-family:&quot;Book Antiqua&quot;,serif;
mso-fareast-font-family:Calibri;mso-bidi-font-family:&quot;Times New Roman&quot;;
mso-ansi-language:EN-GB;mso-fareast-language:EN-GB">KUSI-APPIAH, ( J.A.)<span lang="EN-GB" style="mso-bidi-font-size:
12.0pt;line-height:150%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:
Calibri;mso-bidi-font-family:&quot;Times New Roman&quot;;mso-ansi-language:EN-GB;
mso-fareast-language:EN-GB">:&nbsp; <span lang="EN-GB" style="mso-bidi-font-size:12.0pt;line-height:150%;font-family:&quot;Book Antiqua&quot;,serif;
mso-fareast-font-family:Calibri;mso-bidi-font-family:&quot;Times New Roman&quot;;
mso-ansi-language:EN-GB;mso-fareast-language:EN-GB">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><span lang="EN-GB" style="mso-bidi-font-size:12.0pt;
line-height:150%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:Calibri;
mso-bidi-font-family:&quot;Times New Roman&quot;;mso-ansi-language:EN-GB;mso-fareast-language:
EN-GB"><o:p>&nbsp;</o:p><span lang="EN-GB" style="mso-bidi-font-size:12.0pt;
line-height:150%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:Calibri;
mso-bidi-font-family:&quot;Times New Roman&quot;;mso-ansi-language:EN-GB;mso-fareast-language:
EN-GB">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₵<span lang="EN-GB" style="mso-bidi-font-size:
12.0pt;line-height:150%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:
Calibri;mso-bidi-font-family:&quot;Times New Roman&quot;;mso-ansi-language:EN-GB;
mso-fareast-language:EN-GB">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><span lang="EN-GB" style="mso-bidi-font-size:12.0pt;
line-height:150%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:Calibri;
mso-bidi-font-family:&quot;Times New Roman&quot;;mso-ansi-language:EN-GB;mso-fareast-language:
EN-GB"><o:p>&nbsp;</o:p><span lang="EN-GB" style="mso-bidi-font-size:12.0pt;
line-height:150%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:Calibri;
mso-bidi-font-family:&quot;Times New Roman&quot;;mso-ansi-language:EN-GB;mso-fareast-language:
EN-GB">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><span lang="EN-GB" style="mso-bidi-font-size:12.0pt;
line-height:150%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:Calibri;
mso-bidi-font-family:&quot;Times New Roman&quot;;mso-ansi-language:EN-GB;mso-fareast-language:
EN-GB"><o:p>&nbsp;</o:p><span lang="EN-GB" style="mso-bidi-font-size:12.0pt;
line-height:150%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:Calibri;
mso-bidi-font-family:&quot;Times New Roman&quot;;mso-ansi-language:EN-GB;mso-fareast-language:
EN-GB">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>