MERCHANT BANK (GHANA) LIMITED vs. I.G. INDUSTRIAL CONSTRUCTION LTD

ANIN-YEBOAH J.A. This is an appeal against the Judgment of the High Court, Accra (Fast Track Division) Presided over by His Lordship Justice Yaw Appau dated the 28th of October, 2003. The Plaintiff/Respondent (hereinafter referred to simply as the Respondent) is a banking institution which granted short term loan to the Defendant/Appellant (hereinafter referred to as the Appellant) on certain terms. It appears from the statement of claim which accompanied the Writ of summons that the facility was to provide working capital to the Appellant to enable it complete the Atlantic Shopping Mall Project at Accra. The facility so granted was as usual, to attract interest, bank charges and a penal rate of interest in case of default in repayment on the part of the Appellant. It is not clear in the Statement of Claim the actual amount which was granted. It is, however, apparent on the writ and the statement of claim that as at 7-1-2002 the Appellant's indebtedness stood at ¢4,633,613,064.70. ....