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RULING
The Plaintiff on the 28th September, 2018, instituted the instant action against the Defendant for the following reliefs:
a. The immediate repayment of the outstanding principal sum of $40, 000. b. Interest thereon at the commercial bank lending rate from January 2010 to January 2016 and till date of final repayment.
c. Interest on the US $ 50, 000 paid on 12/10/2016.
d. Costs, inclusive of the Plaintiff’s Solicitor’s professional legal fees.
e. Any other relief(s) as to this Honourable Court may seem meet.
CASE OF THE PLAINTIFF
The crux of the Plaintiff’s grievance is contained in paragraphs 3 to 13 of his Statement of Claim, a summation of which is as follows: According to the Plaintiff, on the 28th of December, 2010, the Defendant approached him for financial assistance in the sum of One Hundred and Forty Thousand Dollars($140, 000. 00) to enable him acquire a warehouse to serve as a workshop.
The Plaintiff states that through the assistance of a mutual friend of the parties, he advanced the sum requested to the Defendant who promised to refund the principal sum of $140, 000 within three (3) months, on or before 28th February 2011. The Plaintiff states further that the Defendant offered to sell to him, a piece of land he had acquired at a public auction for Seventy- Six Thousand Ghana Cedis(GH¢76, 000. 00), which he accepted.
That in evidence of the said sale of land, an agreement to that effect was executed in January, 2011. Further, that the Defendant however did not furnish him with title documents to the said land until in 2012. It is the Plaintiff’s case that the Defendant failed to pay back the money advanced him within the three (3) months as promised, wherefore he caused the arrest of the Defendant.
That following a criminal action against the Defendant, where the Defendant admitted his indebtedness, an agreement was reached with the Defendant wherein the latter agreed to refund $90, 000 (Ninety Thousand Dollars)out of his indebtedness to the Plaintiff and for the outstanding balance of $50, 000(Fifty Thousand Dollars) to be used to defray the cost of Seventy- Six Thousand Ghana Cedis (GH¢76, 000. 00) being the cost of the land.
The Plaintiff continues that Defendant later paid an amount of $50, 000. 00 (Fifty Thousand Dollars), leaving the outstanding balance of $40, 000. 00 (Forty Thousand Dollars). That despite several demands, the Defendant has refused to retire the outstanding indebtedness.
THE DEFENDANT’S CASE
The Defendant, up