GHANA COMMERCIAL BANK vs. BULKSHIP & TRADE LTD, CHRIS CHINEBUAH AND DZIFA FRENCH CUDJOE

The applicant bank had extended overdraft/credit facilities to the 1st respondent company for its oil trading business, with the 2nd and 3rd respondents as personal guarantors. The bank sued to recover the outstanding indebtedness, interest, and penal interest. The respondents denied liability and counterclaimed for declaratory and monetary reliefs. The High Court, Commercial Division, Accra, dismissed the bank’s claim and granted part of the respondents’ counterclaim. Portion of judgment: “The 1st respondent is the beneficiary of business overdraft/credit facilities from the applicant... Repayment of the overdraft/credit facilities is jointly and severally guaranteed by the 2nd and 3rd respondents... The trial High Court Commercial Division Accra dismissed the Applicant’s claims against the Respondents wholly and granted in part the latter’s counterclaim.”

AKAMBA, JSC: The application before me is for a ‘stay of execution and proceedings or suspension of the entry of judgment pending appeal’ and is a repeat application of a similar one dealt by the Court of Appeal on 14th May 2014. This application was made by motion and supported by a fifty-nine (59) paragraph affidavit as well as forty-seven (47) exhibits. As if that was not enough, the applicant filed his legal arguments in support of the motion. The respondents filed their joint seventy-seven (77) paragraph affidavit to which they attached five exhibits in opposition to the motion. Counsel for the respondents sought to rely on a preliminary objection, citing reference thereto, in the closing paragraphs in their affidavit in opposition. The rules of this court do not require the filing of legal arguments in an application of this nature for stay of execution. All that is required is the motion application supported by an affidavit deposing to the facts sought to be relied u...