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 [2016]DLHC17372

IN THE MATTER OF THE BORROWERS AND LENDERS ACT, 2008 (ACT 773) AND IN THE MATTER... [2016]DLHC17372

Date	2016-11-30
Suit No.	Suit No. MISC/0050/16
Citation No.	[2016]DLHC17372

JENNIFER DODOO (MRS)

BRIGHT AKWANTEY

WINFRED OWUSU

MARCUS OWUSU-PEPRAH

[2016]DLHC17372
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													<main id="main" class="content" style="min-height: 60rem" ><a name="_Hlk154138250"></a><a name="_Hlk152146143"><span style="font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family:
&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:
&quot;Book Antiqua&quot;;color:#00B0F0">IN THE MATTER OF THE BORROWERS AND LENDERS ACT,
2008 (ACT 773)<o:p></o:p></a>

<span style="font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family:
&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:
&quot;Book Antiqua&quot;;color:#00B0F0">AND IN THE MATTER OF AN APPLICATION FOR GRANT OF
WARRANT TO POSSESS PROPERTY BY TRUE LIFE CAPITAL MICROFINANCE LTD<o:p></o:p>

<span style="font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family:
&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:
&quot;Book Antiqua&quot;;color:#00B0F0">STELLA AKPAH AND ROLAND KWARTENG<o:p></o:p>

<span style="font-size:10.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family:
&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:
&quot;Book Antiqua&quot;">(DEFENDANT)<span style="font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:
115%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;
mso-bidi-font-family:&quot;Book Antiqua&quot;;color:#00B0F0"><o:p></o:p>

<span style="font-size:10.0pt;mso-bidi-font-size:
11.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:
&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">[HIGH COURT, ACCRA]<o:p></o:p>

<span style="font-size:10.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family:
&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:
&quot;Book Antiqua&quot;">&nbsp;

<a name="_heading=h.gjdgxs"></a><span style="font-size:10.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family:
&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:
&quot;Book Antiqua&quot;">Suit No. MISC/0050/16&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:
30TH NOVEMBER 2016<span style="font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:
115%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;
mso-bidi-font-family:&quot;Book Antiqua&quot;"><o:p></o:p>

</div>

<span style="font-size:12.0pt;mso-bidi-font-size:
11.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:
&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">COUNSEL<o:p></o:p>

<span style="font-size:12.0pt;mso-bidi-font-size:
11.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:
&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-weight:bold">BRIGHT
AKWANTEY FOR APPLICANT <o:p></o:p>

<span style="font-size:12.0pt;mso-bidi-font-size:
11.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:
&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-weight:bold">MARCUS
OWUSU-PEPRAH FOR BANK OF GHANA<o:p></o:p>

</div>

JENNIFER DODOO (MRS)<span style="font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family:
&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:
&quot;Book Antiqua&quot;;mso-bidi-font-weight:bold"><o:p></o:p>

<p class="MsoNormal" align="center" style="text-align:center;line-height:115%;
tab-stops:4.5pt;border:none;mso-border-top-alt:solid black 1.5pt;mso-border-bottom-alt:
solid black 1.5pt;padding:0in;mso-padding-alt:1.0pt 0in 0in 0in"><span style="font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family:
&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:
&quot;Book Antiqua&quot;">JUDGMENT<o:p></o:p>

</div>

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).<o:p></o:p>

&nbsp;

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.<o:p></o:p>

&nbsp;

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 to pay a daily interest on the principal
amount to compound the already unconscionable interest rate.<o:p></o:p>

&nbsp;

She stated that she was forced to sign
the agreement although being illiterate, she would have wished to have
thumb-printed it.<o:p></o:p>

&nbsp;

She argued that she had been making
frantic efforts to pay off the debt but as she had not been served with any
entry of judgment, she did not even know how much was due and owing. Her guarantors had also not been contacted
to repay the loan before the application was made to possess her property.<o:p></o:p>

&nbsp;

The Respondent in its affidavit in
opposition stated that the Applicant on being served with the application to
possess property obtained the services of Counsel but failed to file an
affidavit in opposition to the said application. The Respondent denied the contention of Applicant’s illiteracy
and contended that the Applicant read the docu</main>