CRYSTAL CITY LIMITED v. BCM GHANA LIMITED

MERLEY WOOD JA

On or about 5th November, 2010, the Plaintiff/Respondent/Appellant and the

Defendant/Applicant/Respondent entered into a sale and purchase agreement over a

parcel of land owned by the Appellant on the agreed consideration of One Million

Seven Hundred Thousand United States Dollars (US$1,700,000). The Defendant/

Applicant/Respondent paid a deposit of Eight Hundred and Fifty Thousand United

States Dollars (US$850,000.00). When the outstanding payment was not made due to a

misunderstanding, the Plaintiff/Respondent/Appellant sued at the High Court for a

declaration that the failure, refusal and/or neglect of the Defendant to pay the amount

of US$850,000.00 to the Plaintiff offends the terms of the contract between the parties

and therefore constitutes a breach of the contract between the parties; a declaration that

the claim to title to the disputed land without recognition of the right and interest of the

Plaintiff as its grantor constitute a denial of the right and title of the Plaintiff; an order

for recovery of possession of the disputed land upon the Plaintiff’s refund of the deposit

of an amount of US$850,000.00; an order directed at the Land Title Registry to cancel

any certificate of title issued to the Defendant in respect of the disputed land and the

restoration of the title of the Plaintiff in the records of the Land Title Registry; General

damages and costs.

After a full trial, judgment was given on 28th October 2014 in favour of the Plaintiff/

Respondent/Appellant and the court ordered the Defendant/Applicant/Respondent to

pay the outstanding balance with interest thereon from “1st January 2013 to the date of

payment only.” The High Court did not state the interest rate to be applied.

Dissatisfied with the judgment of the High Court, the Defendant/Applicant/Respondent

appealed to this Court. The grounds of appeal among others included the order of

payment of interest on the outstanding amount of US$850,000.00.Meanwhile, the Plaintiff/Respondent/Appellant following the decision of the High

Court filed an Entry of Judgment dated 14th December 2014 found at pages 109 and 110

of the record of appeal. The Entry of Judgment included interest calculated on the

judgment sum at LIBOR rate plus a margin of six per centum (6%) based on the 91 day

Treasury Bill rate prevailing at the time and was duly served on the Respondent. The

Defendant/Appellant/Respondent consequently paid to the Appellant Seven Hundred

and