MERCHANT BANK (GHANA) LTD V. GHANA PRIMEWOOD PRODUCTS LTD.

AMPIAH J.A.

By a debenture dated 8 February 1983 and registered as No. 125/1986 with the Lands Registry, the plaintiff-bank, the appellants in this appeal, secured a charge over the fixed assets (present and future) of the defendant-company, the respondents herein, for the latter’s indebtedness to the plaintiff-bank. On the same date, a deed of mortgage (registered with the Lands Registry as No. 126,1986) was made between the plaintiff-bank and the defendant-company whereby the defendant-company mortgaged their immovable properties described therein to the plaintiff-bank as security for banking facilities extended to the defendant-company. In pursuance of the said debenture and mortgage and other security documentation attached thereto, the plaintiff-bank advanced to the defendant-company overdraft facilities totalling as at 26 September 1986, ¢78,705,838.52 plus a guaranteed facility of Export Credit Guarantee Department (E.C.G.D.) bills in pound sterling of £1.2 million. Under the sa…