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JUDGMENT
On the 17th of October, 2022, the Plaintiff /Applicant (Plaintiff) herein instituted the present suit against the Defendant/Respondent (Defendant) praying inter alia for the following reliefs:
a) An order for the payment of an amount of One million US Dollars (US$1,000,000) being an amount given to the Defendant under an executed Agreement.
b) An order for the payment of Six Hundred and Eighty-One Thousand, Seven Hundred and Fifty Ghana Cedis (GH¢681,750.00) being the amount outstanding due Plaintiff as its share of margin for the month of October 2021, July 2022, and August 2022.
c) An order for the payment of a monthly amount of Two Hundred and Twenty-Seven Thousand Two Hundred and Fifty Ghana Cedis (GH¢ 227, 250.00) being an amount due the Plaintiff for the use of the facility amount for the month of September 2022 following the failure of Defendant to repay when the Agreement expired in August 2022.
d) An order for the payment of a monthly amount of Two Hundred and Twenty-Seven Thousand Two Hundred and Fifty Ghana Cedis (GH¢ 227, 250.00) from the month of October,2022 till the month of final determination and payment by Defendant of the facility amount due and owing
e) General damages against Defendant for breach of contract.
Plaintiff’s case may be summarized as follows:
It is a private company that deals in investments in Agriculture and related services. In or about the year 2021, the Defendant requested Plaintiff’s assistance to provide security for an overdraft facility that the Defendant planned to take from its bankers, to finance its cocoa purchasing activities for the 2021/22 Cocoa Buying Season.
This request resulted in an agreement being executed between the parties for the provision of a One Million United States Dollars (US$ 1, 000,000.00) Overdraft facility for the Defendant.
Under this agreement, the Defendant undertook to honor in full all its repayment obligations to its bankers for any overdraft facility taken from its bankers and secured by the Plaintiff
Plaintiff says the Defendant further undertook to pay the Plaintiff a monthly amount for the use of the overdraft facility provided by the Plaintiff. A few days after the parties entered into the said agreement, Defendant requested an amendment of same due to its inability to secure the intended facility from its bankers. This led to the execution of an addendum to the original Overdraft Security agreement.
By the addendum, the Defendant undertook to use the Overdraft secu