GHANA COMMERCIAL BANK v. J. K. ACKAH ENTERPRISE LTD & ORS

JUDGMENT

ANIN YEBOAH JSC;

This is an appeal, the facts of which fall within a narrow compass and raises a procedural issue which deals with execution of judgments. The facts, however, are completely devoid of any controversy whatsoever.

The plaintiff which is the respondent herein is a well known financial institution carrying out banking business in Ghana. It offered facilities to the first defendant a limited liability company. The facilities were secured by the properties of the managing director who was the second defendant and the third defendant who also offered his property as security for the facility granted by the plaintiff to the first defendant. When the period of repayment became due the first defendant defaulted and the plaintiff commenced an action at the High Court, Sekondi, for the recovery of the outstanding balance and other reliefs as apparent on the indorsesment of the amended writ of summons as follows:

a. Payment of ¢1,130,945.24, being principal and interest as at 05/12/2006, representing balance of facilities granted to the 1st defendant by the plaintiff at the 1st defendant’s own request which is outstanding and owing despite repeated demands for due settlement.

b. Interest at 27% from 06/12/2006 up to and inclusive of date of final payment

c. Recovery of an overdue overdraft facility in the sum of ¢715,540,632.35

d. Interest on the sum of ¢715,540,632.35 at the rate of 27% per annum from 06/12/2006 to date of final payment

e. AND/OR in the alternative, judicial sale of properties mortgaged by the 2nd and 3rd defendants to the plaintiff to secure the facilities granted to the 1st defendant.

After entering appearance to the writ, the plaintiff applied for summary judgment. It appears on the record of proceedings that by consent of both counsel, summary judgment was entered against the appellant on 10/3/2009 for all the reliefs referred to above. As the judgment debt was not satisfied by the appellant, the respondent on 28/07/2009 issued a writ of fi:fa to levy execution against the property of the appellant which is described as № 16C Anaji/Effia Residential Area renumbered as H/№ 20 PT 186 used as security for a loan contracted by the first defendant from the respondent herein. In course of the proceedings, the original second defendant, (one Joseph kweku Ackah) died and was substituted by his widow Mrs. Agnes Ackah who became second defendant and the only appellant in these proceedings. On the 3/02/2012, the property ref