Audio By Carbonatix
A law to prohibit the payment of compound interest by the state in transactions entered into on her behalf by public officers has been passed by Parliament and assented to by President Akufo-Addo.
The law, the Contract (Amendment) Act 2023 (Act 1114) sponsored by the Attorney-General and Minister for Justice, Godfred Yeboah Dame was passed in Parliament in 2023 and presented to President Akufo-Addo on March 5, 2024, for assent.
According to the Attorney-General, the law seeks to curb the tendency on the part of public officers to enter into contracts with high rates of interest especially compound interest which has resulted in huge financial losses to the state.
This, Mr Dame said, was motivated by observations made in various actions in which he defended the state in numerous judgement debt cases involving substantial amounts.
Speaking on JoyNews’ The Pulse on March 27, the Deputy Attorney-General, Alfred Tuah Yeboah, explained the new law.
See video:
Latest Stories
-
Iran war lands ‘triple blow’ to flood-ravaged Sri Lankans
22 minutes -
Gunmen kill at least 11 people at Afghanistan picnic spot
36 minutes -
Woman, 25, in court for stealing baby at Bogoso
37 minutes -
Trump unveils giant gold-accented victory arch design for US capital
40 minutes -
We spoke to the man making viral Lego-style AI videos for Iran. Experts say it’s powerful propaganda
45 minutes -
Hungarians vote in big numbers on whether to end Orbán rule and elect rival
45 minutes -
At least 30 feared dead in crush at Haitian tourist site
46 minutes -
Boxing: Abdul Ahmed wins WBA Africa Cruiserwight title after dispatching Nigeria’s Eradeye
59 minutes -
Nearly 2,000 displaced, schools damaged as windstorm wreaks havoc in Gushegu
1 hour -
Ghana’s Derrick Kohn to work under Marie-Louise Eta as she becomes first woman to coach men’s Bundesliga team
1 hour -
Accra Open Championships conclude with strong performances ahead of African Championships
1 hour -
Ghana to begin camping with 12 athletes after Accra Open Championships – Bawa Fuseni
2 hours -
Anthony Joshua declines showdown with Tyson Fury but admits they ‘probably’ clash next
2 hours -
Tyson Fury dominates Makhmudov, calls out Joshua next
2 hours -
I have supported highway authority financially to fix roads in my constituency – A PlusÂ
3 hours