CATHERINE BOYE-QUAYE VS COMMERCIAL INVESTMENT LIMITED
November 16, 2018
HIGH COURT
GHANA
CORAM
- HIS LORDSHIP JUSTICE KWEKU T. ACKAAH- BOAFO
Areas of Law
- Contract Law
- Civil Procedure
- Banking and Finance Law
- Commercial Law
- Evidence Law
November 16, 2018
HIGH COURT
GHANA
CORAM
AI Generated Summary
The Ghana High Court addressed an application by the judgment creditor to amend the entry of judgment following a March 15, 2017 judgment for US$22,222.70. The Plaintiff, represented by Stanley Boye‑Quaye, asserted accrued interest and partial payments, including a garnishee from Unibank Ghana Limited, warranted updating the entry to reflect an outstanding Ghana cedi sum. The Defendant, through CEO Kelli‑Cross Kuagbenu‑Sachiel and counsel, opposed, disputing the Plaintiff’s use of a 25.2% rate and urging the 91‑day Treasury Bill rate, and arguing that interest on a dollar debt must align with the parties’ agreement and law. Applying CI 52 and Supreme Court guidance on interest in foreign currency transactions, the Court held that the parties’ agreed prevailing Bank of Ghana commercial rate governs, accepted Exhibit PAPZ establishing a 25.2% post‑judgment rate from March 15, 2017, rejected a uniform pre‑judgment 25.2% rate, required credible exchange‑rate evidence for USD‑to‑GHS conversion, and granted leave to file an amended entry subject to these directions.
Background:
[1] The facts of this case are free from complexity.
On March 15, 2017 this Court entered judgment in favour of the Plaintiff/Applicant’s herein against the Defendant for the recovery of the total amount of $22, 222. 70. The Court at the time stated that it was an amount the “Defendant admitted owing” based on the pleadings filed.
The Plaintiff/Applicant in the instant application has deposed through Counsel Stanley Boye-Quaye Esq. that “the Plaintiff obtained judgment in this Honourable Court against the Defendant/Judgment Debtor/Respondent” on 15/03/2017 for the total sum of Gh₵352, 480. 42. Mr. Boye Quaye further deposed that the interest on the judgment debt up to September, 2017 was Gh₵44, 412. 53 and therefore the total debt stands at Gh₵396, 892. 95. [2] Mr. Boye-Quaye has further deposed that “the UniBank Ghana Limited paid an amount of Gh₵5, 481. 78 to the Plaintiff pursuant to the garnishee order of the Court in September, 2017”. It is also the case of the Applicant that the said payment reduced the Defendant’s liability to Gh₵391, 411. 17. A further Gh₵1000 being the cost awarded against the Plaintiff further reduced the liability according to the Plaintiff/Judgment Debtor to Gh₵390, 411. 17. The Plaintiff has further calculated the “interest on the judgment debt from October 2017 to September 2018 to be Gh₵88, 825. 07”. Based on all of the above, it is the case of the Plaintiff that the total liability of the Defendant is Gh₵479, 236. 24. It is the above the Plaintiff prays the Court for leave to state on an Amended Entry of Judgment to be served on the Defendant. [3] The Defendant/Respondent is opposed to the instant application and has deposed to affidavit in opposition through its Chief Executive Officer, Kelli-Cross Kuagbenu-Sachiel.
According to the Deponent the application is without merit and must be refused.
Mr. Kuagbenu-Sachiel has deposed that he is advised and will contend that “the judgment being for recovery of an amount quoted in the US Dollars (i. e. US22, 222. 70) the Plaintiff must compute the interest on the US dollar currency strictly in accordance with the judgment and as provided by the agreement of the parties or as specified by law”. A copy of the judgment is attached. [4] It is also deposed that the 25% used as the interest rate on the US dollar cannot be justified because it is not the Bank of Ghana Commercial rate as agreed to by the parties.
The Defendant put the Plaintiff to a strict proof o