STEPHEN NYAMEKYE vs. ERIC KOFI ASAMOAH [2016]DLCA4720

Date	2016-07-19
Suit No.	SUIT NO.H1/49/2016
Citation No.	[2016]DLCA4720

AYEBI J.A. (PRESIDING)

TORKORNOO (MRS) J. A.

DOMAKYAAREH (MRS) J. A.

JUDY EDUSEI FOR DEFENDANT/APPELLANT

STEPHEN OPPONG FOR PLAINTIFF/RESPONDENT

[2016]DLCA4720
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													<main id="main" class="content" style="min-height: 60rem" >STEPHEN NYAMEKYE<o:p></o:p>(DEFENDANT/APPELLANT)<o:p></o:p>vs.<o:p></o:p>ERIC KOFI ASAMOAH<o:p></o:p>(PLAINTIFF/RESPONDENT)<o:p></o:p><o:p>&nbsp;</o:p>[COURT
OF APPEAL, KUMASI]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 0in 1.0pt 0in">

SUIT NO.H1/49/2016&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;DATE: 19TH JULY, 2016<o:p></o:p>

</div>COUNSEL:<o:p></o:p>JUDY EDUSEI FOR
DEFENDANT/APPELLANT<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 0in 1.0pt 0in">

STEPHEN
OPPONG FOR PLAINTIFF/RESPONDENT<o:p></o:p>

</div>CORAM:
<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 0in 1.0pt 0in">

AYEBI
J.A. (PRESIDING), TORKORNOO (MRS) J. A., DOMAKYAAREH (MRS) J. A.<o:p></o:p>

</div><o:p>&nbsp;</o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 0in 1.0pt 0in">

<p class="MsoNormal" align="center" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:center;border:none;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0in;mso-padding-alt:0in 0in 1.0pt 0in">JUDGMENT<o:p></o:p>

</div>TORKORNOO (MRS), J.A.<o:p></o:p>A
popular West African pidgin urban street expression is “want want no get; get
get no want”.<o:p></o:p>This
is the situation presented by this case where Plaintiff/Respondent (hereinafter
referred to as Plaintiff) did not need credit from the bank but had access to
it, and Defendant/Appellant (hereinafter referred to as Defendant) needed
credit but did not have access to it. <o:p></o:p>According
to the undisputed cases of the parties, the parties agreed that Plaintiff would
obtain the credit facility from Stanbic Bank using the Defendant’s property as
security, and pass on part of the facility to Defendant. The Plaintiff got an
overdraft facility of Fifty Thousand Ghana cedis (GH¢50,000.00) using the Defendant’s
property as collateral in December 2007. He first handed over the sum of Ten
Thousand Ghana cedis (GH¢10,000.00), later increased it to Twenty Thousand Ghana
cedis (GH¢20,000.00) and by 2011, Defendant had utilized the full fifty Thousand
Ghana cedis (Gh¢50,000.00) overdraft. <o:p></o:p>The
parties agreed that the Defendant would pay the interest rate charged by
Stanbic Bank for the part of the overdraft facility that was given to him, as
well as share the other costs associated with the facility pro rata with the Plaintiff.
Right from the onset, Plaintiff being the one who had the contract with Stanbic
Bank, informed Defendant that the interest payable on the credit facility was 33.7%
thus&nbsp; Defendant was to pay Three Hundred
Ghana cedis (Gh¢300.00) on every Ten Thousand Ghana cedis (Gh¢10,000.00).<o:p></o:p>The
result was that when Plaintiff gave Defendant Ten Thousand Ghana cedis (Gh¢10,000.00),
he took Three Hundred Ghana cedis (Gh¢300.00) every month. When he gave him
Twenty Thousand Ghana cedis (Gh¢20,000.00), he took interest of Six Hundred Ghana
cedis (Gh¢600.00). When he gave him Thirty Thousand Ghana cedis (GH¢30,000.00),
Defendant paid Nine Hundred Ghana cedis (Gh¢900.00) as interest and when Defendant
received Fifty Thousand Ghana cedis (GH¢50,000.00), Plaintiff took One Thousand
Five Hundred Ghana cedis (Gh¢1,500.00) from Defendant every month.<o:p></o:p>All
these sums were ostensibly going to the bank in settlement of the interest on
the part of the facility utilized by Defendant, as well as the relevant charges.
At some point in time, the Defendant refunded Ten Thousand Ghana cedis (Gh¢10,000.00)
out of the principal he had received. According to Defendant, he also started
demanding to see bank records on the facility. Plaintiff refused or failed to
give them to him.&nbsp; Eventually, in 2012, Plaintiff
demanded Forty Thousand Ghana cedis (GH¢40,000.00) as the balance of the
principal sum. <o:p></o:p>Defendant’s
refusal to pay this on the ground that he had overpaid the principal and
interest charged by the bank, resulted in this action. The Plaintiff claimed in
the lower court for:<o:p></o:p>a.&nbsp;&nbsp;&</main>