RULING ON APPLICATION FOR REVIEW
This Court, on the 31st day of July, 2019, entered judgment in favour of the plaintiffs/respondents against the defendant/applicant on the sum of GHȻ527,795.56 plus interest at the prevailing commercial bank rate from 24th November, 2017 till date of final payment. The Court also awarded cost of 52,000 Ghana cedis in favour of plaintiffs/respondents.
It is this judgment that the defendant/applicant has requested the Court to review per this present application. The applicant’s reason for requesting for a review is that the Court erred in awarding interest on the judgment sum at the prevailing commercial bank rate. It was the contention of the applicant the commercial bank rate of interest is only used when the parties had a prior agreement to use same in calculating the interest and that what the Court should have applied was the statutory bank rate of interest as provided for in CI 51 i.e. the Court (Award of Interest and Post Judgment Interest) Rules, …