ECOBANK GHANA LIMITED v. ALUMINIUM ENT. LTD.

KUSI-APPIAH, J.A. :

This is an appeal against the ruling of an Accra High Court (Commercial Division) presided over by Her Ladyship Barbara Ackah-Yensu, Justice of Appeal, sitting as an additional High Court Judge, refusing an application for leave to re-open of case and to amend statement of defence and counterclaim by the defendant.

On the 18th December, 2006 the plaintiff/respondent (hereinafter called the plaintiff) acting through their solicitor issued a writ against the defendant/appellant (hereinafter referred to as defendant) for the following reliefs:-

“(a) recovery of the sum of two hundred and forty eight thousand, one hundred and seven point eight three Euro (€248,107.83) or its equivalent in cedis being the outstanding balance on the loan granted to the defendant by plaintiff at the request of the defendant, which said amount is due and owing to plaintiff and which said amount defendant has failed and/or refused to pay the plaintiff in spite of several and repeated demands made thereof.

(b) Interest on the said amount from the 1st day of November, 2008 to date of final payment.

(c) Costs…”

The facts which gave rise to this action were as follows: The plaintiff is a body corporate incorporated under the Laws of Ghana, engaged in the business of banking. The defendant was at all material times a customer of the plaintiff’s bank.

Sometime in March 1992, the plaintiff at the request of the defendant granted to defendant a loan in the sum of one hundred and sixty five thousand Euro (€165,000.00) to support defendants business on terms and conditions contained in the loan agreement dated 11th day of March, 1992.

It is the case of the plaintiff that the parties herein agreed that there shall be a five years moratorium period for the payment of the principal, but thereafter the said principal shall be paid in seven annual installments commencing on the 30th day of September, 1997 and ending on the 30th day of September, 2003.

The plaintiff averred that it was a term of the loan agreement that in the event of a default, the defendant shall be liable to pay a default interest of seven point five percent (7.5%) on the amount outstanding.

According to the plaintiff, the defendant has failed and/or refused to make repayment installments in terms of the loan agreement for the years 1997 up to and inclusive of 2006 in spite of repeated demands made therefore. Hence, the plaintiffs action against the defendant herein.

The defendant resisted the cla