GH - REPUBLIC BANK GHANA LTD. VRS AM-AMACO COMPLEX VENTURES LTD.

This is an appeal against the judgment of the trial high court Accra (Commercial Division) dated the 16th day of November, 2021 which dismissed the claims of the Plaintiff/Appellant. Dissatisfied with the aforesaid judgment, the Plaintiff/Appellant herein mounted the present appeal challenging the trial court’s judgment on the following grounds:

That the learned Trial Judge erred in law when he dismissed the Plaintiff/Appellant’s action as unproven after the Defendants/Respondents had expressly and unequivocally admitted Plaintiff/Appellant’s claim in their evidence.
That the judgment is against the weight of evidence.
Further grounds of appeal may be filed upon receipt of the record of appeal.

The present appeal emanates from a Writ of Summons which was issued by the Plaintiff/Appellant herein against the Defendants/Respondents as per the Amended Writ of summons, for the following reliefs;

Recovery of the sum of US $304,039.09 (Three Hundred and Four Thousand and Thirty-Nine United States Dollars and Nine Cents) against the Defendants jointly and severally.
Interest on the said sum of US$304.039.09 (Three Hundred and Four Thousand and Thirty-Nine United States Dollars and Nine Cents) against the Defendants jointly and severally.
Recovery of the sum GH¢13,794,878.79 (Thirteen Million Seven Hundred and Ninety-Four Thousand Eight Hundred and Seventy-Eight Ghana Cedis, Seventy-Nine Pesewas)
Interest on the said sum of GH¢13,794,878.79 (Thirteen Million Seven Hundred and Ninety-Four Thousand Eight Hundred and Seventy-Eight Cedis, Seventy-Nine Pesewas) at the rate of 39.71% per annum from 19th November, 2018 till date of final payment against the Defendants jointly and severally.

Judicial Sale of mortgaged properties in satisfaction of the judgment debt.

The basis of the claim as can be gleaned from the Statement of Claim which accompanied the Writ of Summons is that:

The 1st Defendant who was its customer contracted a loan of US$250,000.00 from it (Plaintiff) for which the 2nd Defendant used his properties as collateral.

The Plaintiff avers that out of this amount, US$183,378.67 was disbursed in Dollars whilst the remaining amount of US$2,316,621.33 was disbursed in Cedis based on the directive of the Bank of Ghana at the relevant period.

The Plaintiff avers further that the dollar component of the loan attracted an interest of 13% per annum whereas the cedi component attracted an interest of 24% per annum.

The Plaintiff avers fur

That the learned Trial Judge erred in law when he dismissed the Plaintiff/Appellant’s action as unproven after the Defendants/Respondents had expressly and unequivocally admitted Plaintiff/Appellant’s claim in their evidence.
That the judgment is against the weight of evidence.
Further grounds of appeal may be filed upon receipt of the record of appeal.