On the 8th of October, 2014 the Plaintiff instituted an action against the 1st and 2nd Defendants jointly and severally for the following relief:
a. Recovery of the sum of one hundred and sixty-three thousand eight hundred and eighty-five Ghana cedis being outstanding balance on a restructured loan facility granted to the defendant pursuant to a banking facility agreement dated 31st October 2012;
b. Interest on the sum at the contractual rate of 60% per annum from 15th June 2014 till date of final payment; and
c. Alternatively, judicial sale of Plot No. 13 Block H, Agogo, Ashanti-Akim North in the Ashanti region.
The Plaintiff’s Case
The Plaintiff’s case is that it is a limited liability company registered under the laws of Ghana to engage in the business of banking. It is the case that the Defendant has been their client prior to 2010 and that in 2010, the 1st defendant was granted an overdraft facility. As at 31st August 2012, the overdraft balance stood at about GHC 79,054.00. T…