AGRICULTURAL DEV. BANK V. JOWAK COMMODITIES LTD V. JOHN OWUSU AMANKWAH

JUDGMENT

BARBARA ACKAH-YENSU, JA

The Plaintiff/Respondent (hereinafter simply referred to as the Respondent) instituted the action culminating in this appeal, against the Defendants/Appellants (also to be referred to simply as the Appellants). The claim was for:

“1. Recovery of the sum of Gh¢552,486,368.50 being monies owed and due the Plaintiff as financial facility granted the Defendant.

2. Interest on the sum at the agreed rate of 15% per annum from the 30th June 2010 to date of final judgment”.

These are the matters that gave rise to the action at the trial High Court.

The Respondent is a financial institution registered and doing business in Ghana. The 1st Appellant is a limited liability company registered under the laws of Ghana and a customer of the Plaintiff. The 2nd Appellant is the Managing Director of the 1st Appellant-Company. By their Amended Statement of Claim, the Respondent at the request of Appellants approved a loan facility of Gh¢3,000,000.00 on 2nd January, 2010 to 1st…