CAL BANK GHANA LTD vs FERBRIT INTERNATIONAL & ORS

The facts of the instant suit are in my view quite straight forward and do not admit of much controversy.

On the 10th of May 2018, the Plaintiff herein issued a Writ against the Defendants herein seeking against them jointly and severally, the following reliefs:

a) Recovery of the sum of One Hundred and Thirty-One Thousand Four Hundred and Twenty-Nine Ghana Cedis Forty-Six Pesewas (GH¢ 131,429.46) being the Defendants’ indebtedness to Plaintiff as of the 1st of March, 2018

b) Interest on the said sum of One Hundred and Thirty-One Thousand Four Hundred and Twenty-Nine Ghana Cedis Forty-Six Pesewas (GH¢ 131,429.46) at the Plaintiff’s base rate plus margin of 3% per annum from the 1st of March, 2018 till date of final payment.

Plaintiffs’ case may be summarized as follows;

It is a corporate body registered under the Laws of Ghana and engaged in the business of banking. The 1st Defendant on the other hand at all times material to the instant suit was its customer

On or about the 14th of March, 2014 the Plaintiff, (at the 1st Defendant’s request) granted an Auto Loan Facility of the cedi equivalent of Twenty-Three Thousand Four Hundred and Twenty-Eight United States Dollars Forty-Three Cents (US$ 23,428.43) to the 1st Defendant. This was to support the 1st Defendant’s purchase of a brand new Nissan Navara Vehicle.

The facility was to be repaid by the 31st of March, 2017 and was to attract interest at the Plaintiff’s base rate plus a margin of 3% per annum or such other rate as may be determined by the Plaintiff from time to time.

Further to this facility, the Plaintiff on or about the 17th of November, 2015 again granted the 1st Defendant an Overdraft facility of One Hundred and Fifty Thousand Ghana Cedis (GH¢ 150, 000.00.) which expired on the 30th of November, 2016. This was also to attract interest at Plaintiff’s base rate plus margin of 3% per annum.

The security furnished for the said facilities by the 1st Defendant were as follows;

a. Charge over Nissan Navara 2014 with Registration Number GN 2066-14

b. Charge over DAF Truck with Registration Number GE 4995-14

c. Joint and Several Guarantees by 2nd and 3rd Defendants.

The facilities have expired but the Defendants have failed to make good their indebtedness despite persistent demands on them by the Plaintiff.

According to the Plaintiff the 1st Defendant’s indebtedness stood at One Hundred and Thirty-One Thousand Four Hundred and Twenty-Nine Ghana Cedis Forty-Six Pesewas (GH¢ 131,429.46) as o