AGRICULTURAL DEVELOPMENT BANK vs JOWAK COMMODITIES LTD, JOHN OWUSU AMANKRAH

JUDGEMENT BY COURT: The suit involves a Claim for recovering of Debt and a Counterclaim for breach of a loan contract. The Plaintiff is a Financial Institution; the 1st Defendant is a corporate entity whose managing director is the 2nd Defendant. The Plaintiff granted a facility to the 1st Defendant to purchase quantities of maize for storage and re-sale under a dual control arrangement with the 2nd Defendant guaranteeing the facility. It is this facility and its repayment that have given birth to the present dispute. The Plaintiff caused the writ of Summons to issue on 8/4/2011 for recovering from the Defendants the sum of GH¢2,486,368.00 and 15% interest per annum from 30/6/2010 till date of final Judgment on the principal sum. For their part, the Defendants Counterclaimed for damages for breach of Plaintiff’s obligations under the loan agreement and damages for wrongful debiting of the Defendants’ account. The Plaintiff and the Defendants respectively amended their Stateme...