COURT (AWARD OF INTEREST AND POST JUDGEMENT INTEREST) RULES, 2005 (C.I. 52)

COURT (AWARD OF INTEREST AND POST JUDGEMENT INTEREST) RULES, 2005 (C.I. 52)

IN exercise of the powers conferred on the Rules of Court Committee by article 157(2) of the 1992 Constitution and section 80(2) (e) of the Court Act, 1993 (Act 459) these Rules are made this 22nd day of December, 2005.

Rule 1 - Order for payment of interest
    1. If the court in a civil cause or matter decides to make an order for the payment of interest on a sum of money due to a patty in the action, that interest shall be calculated

(a) at the bank rate prevailing at the time the order is made, and

(b) at simple interest

but where an enactment, instrument or agreement between the parties specifies a rate of interest which is to be calculated in a particular manner the court shall award that rate of interest calculated in that manner.

Rule 2 - Post1udgement interest

(1) Subject to subrule (2) each judgment debt shall bear interest at the statutory interest rate from the date of delivery of the judgment up to the date of final payment.

(2) Where the transaction which results in the judgment debt is

(a) contained in an instrument,

(b) evidenced in writing, or

(c) admitted by the parties

and the parties specify in the instrument, writing or admission the rate of interest which is chargeable on the debt and which is to run to the date of final payment, then that rate of interest shall be payable until the final payment.

Rule 3 - Enforcement of interest payment

Interest payable under these Rules may be levied under a writ of execution.

Rule 4 - Interpretation of statutory rate

(1) In these Rules statutory rate of interest is the bank rate prevailing at the time the judgment or order is made by the court.

(2) Where there is doubt as to the prevailing bank rate, the 91 days Treasury Bill rate as determined by the Bank of Ghana shall be the prevailing bank rate.

Rule 5 - Revocation

The Courts (Award of Interest) instrument, 1984 (LL 1295) is revoked.

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