AKUNTO AND OTHERS vs. FOFIE AND ANOTHER

Koi Larbi J.S.C. delivered the judgment of himself and Archer J.A. In December 1961 the respondents in this appeal instituted proceedings against the appellant Opanin Kwame Akunto, a licensed moneylender for a declaration that a moneylending transaction between the parties was harsh and unconscionable and should be re-opened under the Loans Recovery Ordinance, Cap. 175 (1951 Rev.). The High Court sitting at Kumasi on 20 June 1963, dismissed the respondents’ claim. They then appealed to the Court of Appeal and won the appeal on the ground that not only was the transaction harsh and unconscionable but also on the ground that the moneylender had transgressed certain provisions of the Moneylenders Ordinance, Cap. 176 (1951) Rev.), and therefore the whole moneylending transaction and the mortgage executed by the respondents were void. It was therefore held that the respondents were entitled to recover two cocoa farms which were mortgaged to secure the loan and also to cancel the mortgage .....