ELLIAS PREKO v. K & H LIMITED

Irene Charity Larbi (Mrs) J.A.

(1) This is an appeal from the ruling of the High Court, (Commercial Division), Sekondi dated 7th September, 2017.

(2) BRIEF FACTS:

The undisputed facts of the case between the parties are that the Claimant/Judgment Creditor/Appellant (Appellant) obtained an Arbitral Award against the Respondent/Judgment Debtor/Respondent (Respondent) for an amount of Ghc282,514.82 on December, 2011. Subsequently, on June 19, 2017 the Appellant entered judgment for the said Award and interest pursuant to leave granted by the High Court, Commercial Division Sekondi on April 24th, 2017 to enforce the Arbitral Award.

(3) In the Entry of Judgment, the Appellant in calculating the interest payable on the Award sum used the average of the prevailing Bank Rates for the period December 2011 to June 2017 as the applicable interest rate payable on the entire Award/debt. In addition, the Appellant calculated the interest payable at simple interest.

(4) Upon service of the Entry of Judgment on the Respondent, the Respondent applied to the Court below for an order to set aside the Entry of Judgment on the ground that the Respondent had computed the interest wrongly. The crux of the Respondent’s argument was that the Appellant ought to have calculated interest from the date of Entry of Judgment, i.e. April 24th, 2017 and not from the date of Award in December 2011.

(5) On September 7th, 2017, the Court below determined the application and granted same by setting aside the Entry of Judgment by agreeing with the Respondent’s position.

(6) Dissatisfied with the Ruling of the Court below the Appellant filed an appeal to this Court. The grounds set out in the Notice of Appeal are as follows:-

1. The Ruling is against the weight of evidence.

2. The Learned High Court Judge erred in law and

occasioned a miscarriage of justice when he held the Claimant/Judgment Creditor is entitled to exigible interest from the date of Entry of Judgment and not from the date of the Arbitral Award because the Arbitrator did not make an Award of interest.

3. Any further grounds of appeal shall be filed upon receipt of

the Record of Appeal.

However, the Appellant did not file any additional grounds. The counsel for the Appellant argued the two (2) main grounds together and we will consider them in that manner.

(7) The Supreme Court in the case of DELLE & DELLE VRS. OWUSU-AFRIYIE [2005-2006] SC GLR 60 (Holding 4) stated the principle that interest is payable under c