BANK OF AFRICA GHANA LIMITED VS INTERCONTINENTAL GROUP GHANA LTD & ORS

The Plaintiff is a body corporate incorporated under the laws of the Republic of Ghana and engaged in the business of banking.

The 1st Defendant is a limited liability company registered under the laws of Ghana, carrying on the business of trading and import and export of general goods.

The 2nd and 3rd Defendants are managing director and director, respectively, of the 1st Defendant Company whiles the 4th Defendant is the mortgagor who secured the repayment of the loan facility granted to the 1st Defendant by plaintiff with his landed property.

I have reviewed the record of proceedings and the evidence adduced in this case extensively.

Plaintiff’s case consisted of the testimony of its Representative, Mr. Julian Lartey and the documentary evidence he submitted in support of the claim of the Plaintiff, marked in the record as Exhibits “A” through “H”. On the other hand, the 1st, 2nd and 3rd Defendants’ case consisted of the testimony on oath of the 2nd Defendant who testified on his own behalf and on the behalf of the 1st and 2nd Defendants and the documentary evidence he produced in support of their case, which were marked into evidence as Exhibits “1” through“4”. The 4th Defendant’s case consisted of his testimony on oath and the Exhibits“1” and ”2”. The facts of the case as can be gleaned from the evidence of the record are that in December, 2011 Plaintiff granted an overdraft facility in the sum of seven hundred thousand US dollars (US$ 700, 000. 00) to the 1st Defendant, at the 1st Defendant’s request, to support the 1st Defendant in the purchase of shea nut, shea butter, teak logs, maize for export and to “bridge operational gaps”. The facility was subject to an agreed interest rate of fourteen per centum (14%) per annum and was to be fully paid within twelve (12) months, terminating on or before 22nd December, 2012. It was further agreed that a penal interest of six per centum (6%) per annum was to be charged on any amount not paid when same became due whether before or after judgment as per the offer letter marked as Exhibit “A”. The facility was secured by a Deed of Joint and Several Guarantee executed by the 2nd and 3rd Defendants (see Exhibit “D”) and a further security in the form of a deed of mortgage with Land certificate No. GA 36967 (see Exhibit “E”) executed over landed property by the 4th Defendant, all in favour of the Plaintiff.

Plaintiff avers that 1st Defendant failed to fully repay the facility within the agreed time.

For this r