Ghana enacts Contracts (Amendment) Act 2023 (Act 1114) to ban state from paying compound interest in public officer transactions.
Ghana has enacted the Contracts (Amendment) Act 2023 (Act 1114), sponsored by Attorney-General Godfred Yeboah Dame, to prohibit the state from paying compound interest in transactions conducted by public officers on behalf of the state. This legislation aims to prevent public officers from entering into contracts with high interest rates that could lead to significant financial losses. Additionally, the Criminal and Other Offences (Procedure) (Amendment) Act proposes substantial reforms to Ghana's criminal procedure laws, aiming to expedite the adjudication of criminal cases.
March 25, 2024
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