Abariche Vrs Abdallah & Another [2023] GHADC 470 (20 February 2023)

Abariche Vrs Abdallah & Another [2023] GHADC 470 (20 February 2023)

The 20% interest rate in the loan agreements must be construed as annual, not monthly, in accordance with statutory requirements. Judgment entered for plaintiff for recovery of loans at 20% per annum, damages, and costs.

Citation
Abariche Vrs Abdallah & Another [2023] GHADC 470 (20 February 2023)
Parties
Plaintiff: Felicia Abariche; Defendant: Mohammed Abdallah; Defendant: Amidu Ewuntomah
Court
ghadc
Jurisdiction
Ghana
Judgment Date
20 February 2023
Procedural Posture
Civil / Final Judgment
Outcome
judgment for plaintiff
Legal Topics
Money Lending, Interest Rate, Breach of Contract, Guarantee
Source Language
eng
Contract Law Banking and Finance Money Lending Interest Rate Breach of Contract Guarantee

Case Brief

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Parties

Felicia Abariche

Plaintiff

Mohammed Abdallah

Defendant

Amidu Ewuntomah

Defendant

Procedural Posture

Civil / Final Judgment

Legal Issues

  1. 1 Whether the 20% monthly interest rate is contrary to law

Ratio Decidendi

The 20% interest rate in the loan agreements must be construed as annual, not monthly, in accordance with statutory requirements. Judgment entered for plaintiff for recovery of loans at 20% per annum, damages, and costs.

Court Disposition

judgment for plaintiff

Orders

  • Damages for breach of contract assessed at GHS3,000.00
  • Recovery of loans at 20% per annum effective respective loan dates until final payment