TAILORED SOLUTIONS MICROFINANCE VYKK MAHANAIM LTD.RS (C2/23/21) [2023] GHACC 859 (17 October 2023)

TAILORED SOLUTIONS MICROFINANCE VYKK MAHANAIM LTD.RS (C2/23/21) [2023] GHACC 859 (17 October 2023)

The defendant failed to repay the loan as agreed, leaving a balance of GH₵88,169.83 as at September 2018, on which interest at the prevailing commercial bank rate and a 5% default interest are payable, less amounts paid during the default period.

Citation
[2023] GHACC 859
Parties
Plaintiff: Tailored Solutions Microfinance Ltd.; Defendant: YKK Mahanaim Ltd.
Court
Circuit Court
Jurisdiction
Ghana
Judgment Date
17 October 2023
Case Number
C2/23/21
Procedural Posture
Civil / Judgment
Outcome
judgment for plaintiff in part
Legal Topics
Loan Agreement, Interest Calculation, Default, Costs
Source Language
English
Contract Law Banking and Finance Loan Agreement Interest Calculation Default Costs

Case Brief

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Parties

Tailored Solutions Microfinance Ltd.

Plaintiff

YKK Mahanaim Ltd.

Defendant

Procedural Posture

Civil / Judgment

Legal Issues

  1. 1 Whether the defendant owes the plaintiff as per the loan contract
  2. 2 If yes, how much does the defendant owe the plaintiff

Ratio Decidendi

The defendant failed to repay the loan as agreed, leaving a balance of GH₵88,169.83 as at September 2018, on which interest at the prevailing commercial bank rate and a 5% default interest are payable, less amounts paid during the default period.

Court Disposition

judgment for plaintiff in part

Orders

  • Defendant to pay interest at prevailing commercial bank rate on GH₵88,169.83 from 3rd September 2018 to judgment date
  • Defendant to pay 5% default interest on GH₵88,169.83 from 3rd September 2018 to judgment date