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JUDGMENT
JUDGMENT
This is a debt recovery action in which the Plaintiff bank claimed an amount of GH¢333, 502.24 from the Defendants being the outstanding balance of three credit facilities extended to the 1st Defendant and interest thereon.
The 1st Defendant admitted owing an amount of GH¢183, 647.000 in its statement of defence filed on 13/04/2010. Subsequently, the Plaintiff obtained judgment on admission against the Defendants on 24/01/2011 for the sum so admitted.
The Plaintiff’s case was that it granted various facilities totaling GH¢ 291, 647 to the 1st Defendant at its request. The initial agreed rate of interest was 22.49% per annum. These facilities were to enable the 1st Defendant finance the purchase of machinery for its business from IKON Ltd and purchase a motor vehicle. The 2nd Defendant secured the facilities with a legal mortgage over a residential property numbered Plot 8 Blk F Adiembra, Kumasi. In addition, the 2nd and 3rd Defendants provided personal guarantees for the repayment of these facilities. The 1st Defendant refused to service the debt, hence the instant action.
The Defendants contended that the Plaintiff actually disbursed an amount of GH¢112,000.00 out of the approved term loan of GH¢ 180,000.00. Their story was that their supplier could not supply the all the machinery they requested. Thus, they directed the Plaintiff to stop paying the outstanding balance of GH¢68,000.00. It was also their case that the Plaintiff Bank refused to pay this balance to the 1st Defendant for the purchase of raw materials to feed its machinery. As of the time of filing their defence, the 1st Defendant alleged that it had paid a total of GH¢40,000.00 to defray its debt.
The issues to be determined by this court are stated below:
Whether or not the defendants are indebted to the plaintiff in the sum of GH¢333,502.24 or any part thereof?
Whether or not the Defendants actually received the sum of GH¢ 292,647.00 as per the agreement?
Whether or not it was agreed that the loan covering the purchase of a motor vehicle would attract an interest rate of 19.47%
Whether or not the Plaintiff bank has GH¢68,000.00 meant for the Defendant in its custody?
On the issue of the agreed interest rate as regards the auto loan, the Plaintiff’s loan recovery officer who testified on its behalf told the court that the loan amount was GH¢41, 647.00 for a period of 36 months at an interest rate of 19.4%. In support of this oral evidence, he tendered the loan agreement (e