STANBIC BANK GHANA LTD vs. WILFRED @ FINANCE LTD & WILFRED KWAKU OSEI

The Applicant, Stanbic Bank Ghana Ltd, obtained a court ruling on December 5, 2023, to take possession of the Respondents' residential property as collateral for a debt. Possession was effected on April 25, 2024, with police support. The Respondents proposed a repayment plan to settle the debt of GHS5,104,504.23 by December 15, 2024, which was formalized as a post-judgment Terms of Settlement adopted by the court. A court-appointed valuer assessed the property with an open market value of GHS5,481,300.00 and a forced sale value of GHS3,836,900.00. The Respondents made only three installment payments totaling GHS300,000.00 and defaulted thereafter, resulting in an outstanding debt of GHS7,112,260.91 as of May 5, 2025. The Applicant sought the court's determination of the reserve price for auctioning the property to recover the debt.

RULING [1] The Applicant/Applicant (hereinafter called “the Applicant”) filed the instant application for the determination of the Reserved Price for the collateral against the Respondents/Respondents (hereinafter called “the Respondents”) on 15th May 2025. [2] The application is supported by a 13-paragraph Affidavit. Paragraphs 4, 5, 6, 7, 8, 9, 10, 11, 12 and 13 read as follows: 4) That the Applicant obtained a favourable ruling on December 5, 2023, to possess the collateral property being the residence of the Respondent/Judgment Debtor, cause a valuation to be done and to revert for the setting of the reserve price. A copy of the Ruling is hereby attached as “Exhibit A”, 5) That the Judgment Creditor/Applicant followed due process and obtained the requisite orders from the Court and subsequently with the support of the Ghana Police Service the possession was effected on April 25, 2024. 6) That after the peaceful possession of the collateral property, the Respondent app...