BARCLAYS BANK OF GHANA LTD VS AKUAFO ADAMFO & 4 ORS

In A Writ of Summons filed on the 29th of March, 2016 and subsequently amended, the Plaintiff claims against the Defendants the following reliefs; -“(a) Recovery of the sum of GH¢62, 915, 744. 00(b) Interest at the rate of 30. 22% per annum on the sum of GH¢62, 915, 744. 00 from the 11th day of December, 2015 to date of final payment(C) Legal fees and costs at the approved mid-year review of Ghana Bar Association’s rate”The brief facts of the case are that, the Plaintiff, a reputable banking institution granted two short term facilities in the nature of loans and an overdraft to the Defendant to the total value of GH¢60, 000. 00. The 1st Defendant defaulted in the repayment which became due on the 24th October, 2014. As at 11th December, 2015 when the Plaintiffs wrote the final demand notice to the Defendants, the total indebtedness of the Defendant stood at GH¢62, 915, 744. 00, the figure on which the Plaintiff issued the instant Writ on the 19th January, 2016. It is instructive to note that the 2nd to 4th Defendants are incorporated entities that gave separate corporate guarantees and indemnities for the repayment and reimbursement to the Plaintiff should the 1st Defendant default whilst the 5th Defendant undertook by an unlimited personal guarantee to repay all the monies lent to 1st Defendant inclusive of interest. At the close of pleadings, two issues were set down for trial and they are: -“(1) The exact amount the 1st Defendant owed the Plaintiff since the Defendants disputed the amount claimed and(2) Whether or not the Plaintiff orally agreed at a meeting allegedly held with the Defendants on 17th August, 2015 not to insist on its legal rights to demand immediate payment until restructuring had been undertaken. ”When trial was to commence, this Court presided over by Koomson J (as he then was)with the agreement of the Parties and their Lawyers appointed an Independent Auditor to ascertain the total indebtedness of the 1st Defendant and to use the findings to resolve the first issue set down and as recounted above.

On the 6th of April, 2018, the Court adopted the certified sum of GH¢1, 454, 538. 83 as the indebtedness of the 1st Defendant as at that date, principal and interest inclusive.

It is therefore the outstanding issue of “whether or not the Plaintiff orally agreed with the Defendants not to insist on its legal rights to demand immediate payment until after restructuring had been undertaken by the 1st Defendant at a meeting held on 17th Augu