EXPORT-IMPORT BANK OF THE UNITED vs. BIBIANI LOGGING & LUMBER CO. LTD AND JOYCE WIREKO BROBBEY AND BENJAMIN KWASI KUFOUR

The Plaintiff/Respondent, Export-Import Bank of the United States, claimed that the 1st Appellant, Bibiani Logging & Lumber Co. Ltd, obtained a credit facility of US$901,765 from First International Bank of the USA but failed to repay. The Plaintiff, as guarantor, paid the debt and sought reimbursement from the Appellants. The 2nd and 3rd Appellants had executed unconditional guarantees and promissory notes to pay the debt. The Plaintiff claimed the outstanding sum of US$1,622,732 plus interest and costs. The Appellants admitted the loan and guarantees but raised defenses of fraud, frustration, and challenged the Plaintiff's capacity and the forum of the suit. They also counterclaimed for declaration of frustration and damages.

TORKORNOO (MRS), J.A. The Plaintiff Respondent (hereinafter referred to as Respondent) commenced this action by an attorney Mrs. Claris Efa Quayson. The Respondent’s case against the Defendants/Appellants was that the 1st Appellant had obtained a credit facility of US$901,765 from First International Bank of United States of America. They had failed to honor their repayment obligations and as guarantor to the lender on the debts, the Plaintiff had been called to pay the debt of principal with interest. It had paid the said debt to First International Bank and was now seeking reimbursement from the Appellants. Its case was that the 2nd and 3rd Appellants had executed unconditional guarantees to pay the 1st Appellant’s debts and also executed promissory notes to that effect. The Respondent claimed for: 1. The total sum of One million, Six Hundred and Twenty Two Thousand, Seven Hundred and Thirty-Two United States Dollars (US$1,622,732.00) being the outstanding amount and unpaid b...