Contracts (Amendment) Act, 2023 Act 1114

CONTRACTS (AMENDMENT) ACT, 2023 Act 1114 ARRANGEMENT OF SECTION Section Section 1 7 of Act 25 amended L Act 1114 REPUBLJC OF G.HANA THE ONE THOUSAND ONE HUNDRED AND FOURTEENTH ACT OF THE PARLIAMENT OF THE REPUBLIC OF GHANA ENTITLED CONTRACTS (AMENDMENT) ACT, 2023 AN ACT to amend the Contracts Act, 1960 (Act 25) to provide for the type of interest to be paid on a sum of money due to a party to a contract or transaction entered into on behalf of the Republic. DATE OF ASSENT: pr March, 2024. PASSED by Parliament and assented to by the President Section 17 of Act 25 amended The Contracts Act, 1960 (Act 25) is amended by the substitution for section 17, of 2 l n1111111,1.i1 (111111 111,/111,1111) llr'I, J,OJ,,'J Al:I II 14 "Con1n1cri. of' On· IC,t:puhllt.• 17. (1) '1'111 11 /\, •1 :1ppll11H 1,, ;, ,:u11t nwl ur ;1 1mmi,,.t:11un en1e,t•d info 011 lw li;dl' n/' !lw 1<,1p11hli<: :11! ii ;i,ppll i::H L() ~tny ,r1b1.;r ~·onr uH:1 or , rn n11 :1 c.·1 ion . (2) 'l'l1c fbllowing r,emonH rirc aurhori1H:d liJ c:nt<; r inti; 11 con, n,cr or I ra,rnu <.: I ion Ofl behalf' uf' the lk public: (a) a Min if-l ter reH pon id bk for a tiubj cct (Jr department on a matter falling within the portfolio of' the Mini riter; (h) a person authori t-.cd by the Minister; ,;r (<,) any other pcn,on authorised by Jaw. (3) Where a person specified under subsection (2) enter8 into a contract or transacUon on behalf of the Republic, the payment of interest on any sum of money du,e under the contract or transaction shall be calculated at s1mpJe interest. (4) A person shall not enter into a contract or a transaction on behalf of the Republic in which the payment of interesl on a sum of money due to a party to the contract or transaction is calculated. at compound. interest. (5) A contract entered into contrary to subsection ( 4) is null and void . (6) A person who wilfully enters into a contract contrary to this section commits an offence and is liable on summary conviction to a fine of not less than five thousand penalty units and not more than ten thousand penalty units or to a term of imprisonment of not less than ten years and not more than fifteen years or to both .". 3 Act 1114 Contracts (Atrumdnwnt) Act, 2023 Date of Gazette notification: 1st March, 2024. PRfNTED DY GHANA PUBLISI-IING COMPANY LTD. ASSEMl3LY PRESS. ACCRA. GPCL/Al40/450/3/2024 Websitc:www.ghanapublishing.com Email :inJo@ghanapublishing.com Tel: +233 302-664338/9 { "type": "Form", "isBackSide": false } { "type": "Document", "isBackSide": false } { "type": "Form", "isBackSide": false } { "type": "Form", "isBackSide": false }