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
-
Mission schools have the right to remain 100% Christian – Christian Apologetic Alliance
2 hours -
UG reopens portal for applicants to review entries after WASSCE results
3 hours -
Ampem Darkoa Ladies miss out on CAF Champions League qualification after penalty shootout loss
4 hours -
Herbal Medicine: Less than 15% practitioners registered
7 hours -
Road inspections not a witch-hunt against contractors — Agbodza
7 hours -
HTU clinic upgraded to primary hospital after HeFRA inspection
7 hours -
“When I am gone, just like Kwame Nkrumah people will appreciate me” – Kurt Okraku
8 hours -
“I love people who are not only critical but constructive” – Kurt Okraku
8 hours -
TECNO’s Modular Phone and TAURUS win gold at IFA 2026, recognising breakthroughs in mobile and gaming technology
8 hours -
Youth Forum in Accra calls for debt cancellation, reparations and African economic independence
8 hours -
Dr Abu Sakara urges African youth to seize global upheaval for economic emancipation
8 hours -
Fulham booed off after third defeat in a row
8 hours -
Joy FM Back-to-School Fair 2026 ends in massive success after two days of discounts and one-stop shopping
8 hours -
Man City maintain 100% start with win over Coventry
9 hours -
Kwesi Pratt urges African youth to reject ‘Gen Z revolution’, reclaim Africa’s resources
9 hours