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Crystal City Ltd -vrs- Bcn Ghana Ltd. [2023] GHACA 7 (23 February 2023)
The Court of Appeal upheld a ruling setting aside an interest calculation on a USD judgment debt, holding there was no legal basis for a 6% margin above LIBOR.
CRYSTAL CITY LIMITED VS BCM GHANA LIMITED (H1/148/2022) [2023] GHACA 228 (23 February 2023)
The appellant failed to provide a legal basis for applying a 6.585% interest rate or a margin above LIBOR. In the absence of an agreement on the margin, the applicable rate is the prevailing bank rate at the time of judgment, as provided by CI 52. The High Court's ruling to use the Bank of Ghana rate was correct and is affirmed.
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