On 21/12/2013, the Plaintiff Bank instituted an action against the Defendant herein for three reliefs, namely:
a) Recovery of the sum of Five Hundred and Fifty Two Thousand Two Hundred and Forty-Seven Cedis ( GH¢ 552, 247.00) being the outstanding balance on loan and overdraft facilities granted to the Defendant pursuant to Banking facility Agreement dated 22nd June, 2011.
b) Interest on the sum at the contractual default rate of 60% per annum from 1st December 2013 till date of final payment.
c) Alternatively Judicial Sale of property described as Plot No. 6 Manu Crescent Pankrono, Kumasi.
The Plaintiff's case is that on or about 22nd June 2011, it granted a loan facility of One Hundred Thousand Ghana Cedis (GH¢100,000.00) to the Defendant who trades under the name Nakbak Enterprise to augment her business capital. The Plaintiff also extended an Overdraft Facility (O/D) of One Hundred and Fifty Thousand Ghana Cedis (GH¢ 150,000.00 ) to the Defendant for the same purpose. The ten…