IN THE MATTER OF THE BORROWERS AND LENDERS ACT, 2008 (ACT 773) AND IN THE MATTER OF AN APPLICATION FOR GRANT OF WARRANT TO POSSESS PROPERTY BY TRUE LIFE CAPITAL MICROFINANCE LTD vs. STELLA AKPAH AND ROLAND KWARTENG

JUDGMENT The Applicant/Respondent (hereinafter referred to as the Respondent) applied to this court for a warrant to possess secured property in accordance with Section 24(2) of the Borrowers and Lenders Act, 2008 (Act 773). The application was granted. The instant application by the Respondent/Applicant (hereinafter referred to as the Applicant) is for an order vacating the warrant to possess secured property. In an affidavit in support of the application, the Applicant deposed that she entered into an agreement with the Respondent for a loan of GH¢20,000.00. Due to the economic downturn in the country, she was unable to repay the loan within the 6 months as agreed. She contended that although she signed the agreement, she was an illiterate and did not appreciate the fact that she would be required to pay an interest rate of 84% per annum since it was her understanding that she would pay 7% per annum as interest. She also did not appreciate the fact that she would be required ....