AFRICA LIFE ASSURANCE LIMITED VS GOLDEN LINK SAVINGS & LOANS

African Life Assurance Limited sued the Defendant, a deposit‑taking non‑bank financial institution licensed by the Bank of Ghana, to recover matured investment funds and damages. Clifford Yeboah, the Plaintiff’s Head of Finance, testified that the Plaintiff invested GHS 2,800,000 at 26% per annum for 365 days from March 16, 2018, expecting GHS 728,000 in interest and a maturity value of GHS 3,528,000. Despite explicit notice declining any roll‑over, the Defendant failed to pay at maturity and unilaterally rolled over the funds, later reinvesting GHS 3,065,724 at 17.5% for 182 days, maturing on March 21, 2022 to GHS 3,332,693.29. A demand letter dated April 22, 2022 went unanswered. Served with repeated hearing notices, the Defendant and its counsel failed to attend the case management conference and trial; the Plaintiff’s evidence stood unchallenged. Applying settled principles on default judgments, waiver of the right to be heard, and the civil burden of proof, the High Court awarded the maturity sum, interest from March 21, 2022, general damages of GHS 30,000, and costs of GHS 20,000, and held that the Plaintiff’s action succeeds.