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AFRICA LIFE ASSURANCE LIMITED
V.
GOLDEN LINK SAVINGS & LOANS

(2024) JELR 114427 (HC)

High Court 26 Mar 2024 Ghana
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- Plaintiff (African Life Assurance Limited) invested GHS 2,800,000 with Defendant, a licensed non-bank financial institution, at 26% per annum for one year; on maturity, Defendant failed to pay both principal and interest and unilaterally

Case Details

Suit Number:SUIT NO. CM/RPC/0520/2022
Judges:FRANCIS OBIRI, J
Counsel:ALEX OWOO FOR THE PLAINTIFF FREDA LARTEY FOR THE DEFENDANT
Location:Accra

JUDGMENT

The Plaintiff per its Writ of Summons filed on 13th June 2022, claims against the Defendant as follows:

a. Recovery of Three Million, Three Hundred and Thirty-Two Thousand, Six Hundred and Ninety-Three Ghana Cedis (GHS 3,332,693.00) as at 21st March 2022.

b. Interest on the sum of Three Million, Three Hundred and Thirty-Two Thousand, Six Hundred and Ninety-Three Ghana Cedis (GHS 3,332,693.00) as at 21st March 2022 until date of final payment.

c. General damages for breach of contract.

d. Cost inclusive of solicitor’s legal fees.

The Writ of Summons and the Statement of Claim were served on the Defendant on 21st June 2022.

The Defendant entered appearance on 24th June 2022, and filed its Statement of Defence on 19th July 2022. The parties could not settle the matter at the pre-trial settlement conference. Therefore, the following issues were set down for trial by the court on 24th March 2023.

  1. Whether or not on the expiration of the maturity date, the Defendant paid in full the maturit…

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