FRANCIS NELSON vs. JOSEPH ANDERSON

JUDGMENT Per a memorandum of Understanding signed by the parties herein, the plaintiff agreed to lend an amount of Forty thousand Ghana cedis to the defendant over a period of four months commencing the month of September through to December 2015. Under the terms of the agreement, the defendant is to pay 7% interest rate every month payable on or before every 3rd day of the month, that is GHC2,800 is to be paid on or before 3rd day of October, November and December. On or before December 3rd the defendant is to repay the principal of forty thousand Ghana cedis. The defendant defaulted in payment of the interest and the principal on the due dates and the plaintiff filed this action against him for the following reliefs; a. Recovery of sum of GHC40,000 b. Interest on the aforementioned sum at the agreed contractual rate of 7% per month from 3/12/15 till date of final payment. c. Recovery of sum of sum of GHC5,600 d. Interest on the afore mentioned sum at a rate of 7% per month fro...