JUDGMENT
SOWAH, J.A.
The 1st, 2nd and 3rd defendants/appellants [hereinafter referred to simply as the appellants] were sued by the plaintiff/respondent for recovery of “an EDIF term loan facility totaling GH¢400,340.70 to enable the 1st defendant acquire a Drip Irrigation System, Pack-House and Cold store, to purchase Cold store van and delivery truck and also to augment its working capital”. The defendants entered appearance but failed to file their statement of defence within the time limited by the Rules. Thus, judgment in default of defence was entered against them on 26 June 2013, and the plaintiff initiated execution process. On 28 February 2014, the defendants filed a motion to set aside the default judgment. In the affidavit in support of the application, the 3rd defendant deposed that whilst trying to resolve the issue of their indebtedness with the plaintiff, they had been informed by an insider at the Export Development and Agricultural Investment Fund [EDIF] that EDIF had e…