BANK OF AFRICA (GH) LTD V. GRACEFIELD MERCHANTS LTD. & 2 ORS

JUDGMENT 

DZAMEFE, JA

This is an appeal against the judgment of the High Court Commercial Division, Accra dated 28th May, 2014. 

BRIEF FACTS

The brief facts of the case are that the plaintiff hereinafter referred to simply as the appellant issued a writ at the Commercial Court against the defendants, hereinafter referred to as the respondents, for the  following reliefs;

i. Recovery of the sum of Six Million, Seven Hundred and Thirty-Eight Thousand, Five Hundred and Twenty and Twenty-Two Ghana Cedis, Forty-Eighty Pesewas (Gh¢6,738,522.48) being the outstanding balance on the loan facility granted to 1st defendant by plaintiff, at the request of 1st defendant.

ii. Interest on the said amount at the rate of Thirty-Six percent (36%) per annum (inclusive of penal interest of 6%) from the 17th March, 2011 to the date of final payment.

iii. Costs

iv. An order for the judicial sale of 2nd defendant’s landed property situate at plot No. B21, Airport Residential area, Accra to enable the proceeds ther…