AHENFIE CLOTH SELLERS ASSOCIATION PER THE PRESIDENT JOANA EWURABENA OCEAN vs. ALICE MOMO BADU, RICHARD NAAWU, GODWILL A. IMPRAIM AND JUSTICE BADU

KWOFIE J.A: The Plaintiff/Respondent which is a Company Limited by guarantee was formed with the object or aim of applying for loans from commercial banks for the benefit of its members. The 1st defendant was a member of the association who received a loan of One Hundred thousand Ghana Cedis (GH¢100,000.00) in July 2006 from the plaintiff in accordance with agreed terms which loan was guaranteed by the 2nd, 3rd and 4th defendants. The 1st defendant was to have repaid the loan of GH¢100,000.00 at the rate of Three Thousand Ghana Cedis (GH¢3,000.00) per week but within 52 weeks. The 1st defendant however paid the weekly GH¢3,000.00 for 15 weeks and defaulted and failed to pay any more money to the plaintiff leaving an outstanding balance of 37 weeks instalment payment amounting to GH¢110,000.00. The plaintiff Association therefore instituted action at the High Court (Commercial Division) for the recovery of the said amount of GH¢110,000.00) together with interest at the curren...