ROYAL BENEFICIARIES ASSOCIATION vs. MRS. VIVIAN MENSAH & 3 ORS.

AYEBI J.A.: This is an appeal from the judgment of the Commercial Court, Accra delivered on 26th November 2007. At the trial court, the plaintiff who is the appellant herein, claimed the following reliefs: (i) Repayment of an amount of 210 million cedis representing 14 weeks of 15 million cedis still unpaid. (ii) Interest on the above amount at the current bank interest rate, from 21st August 2006 to the date of final payment. (iii) Any other reliefs that may seem fit to the court. On their part, Defendants who are the respondents in this appeal, counter-claimed for: (a) A declaration that the loan transaction is illegal and unenforceable in terms of the Moneylenders Ordinance, Cap 176. (b) An order setting aside the loan transaction for being illegal and unenforceable. (c) An order re-opening the said loan transaction on the ground that the interest and other charges levied by the plaintiff on the said loan transaction is excessive, harsh and unconscionable in term...