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
-
Threads of state: When cotton started a diplomatic incident
3 minutes -
Dozens of MPs don smocks in cultural solidarity amid Ghana-Zambia ‘fugu’ controversy
20 minutes -
AMA reclaims abandoned Alajo–Avenor open space in Accra; unveils green, beautification agenda
21 minutes -
Trump removes video with racist clip depicting Obamas as apes
38 minutes -
KCCR lecture presents new frontiers in snakebite treatment and care
41 minutes -
Rotary Club of Accra-Odadee AOGA donates desks and books, hosts reading clinic at Akropong M/A Basic School
56 minutes -
Koforidua SECTECH student stabbed during inter-schools sports festival
1 hour -
Parliament approves 24-Hour Economy Authority Bill
1 hour -
African firms must prioritise skills and execution to win in ‘Intelligence Age’ – KPMG
2 hours -
Why Dr Matthew Opoku Prempeh is the best bet for Ghana: The unstoppable case for NAPO as running mate
2 hours -
Academic City’s Waakye packaging project wins global packaging award
2 hours -
Africa’s future workforce, customers are already here and they are young – Nii Armah Quaye
2 hours -
Telecel Turns Up University of Ghana with Black Sherif, KiDi & Kweku Smoke on Val’s Day
2 hours -
When culture trends: How Mahama’s fugu revival can boost local sales
2 hours -
The Ghanaian talent shift: Key insights employers can’t ignore from the Jobberman 2026 Jobs Market Report
2 hours