GHANA HOME LOANS LTD (PLAINTIFF) vs. GODFRIED LOVE DJANIE (DEFENDANT)

The main issue requiring my adjudication in this application is as to whether or not the defendant should be allowed to defend the action. In other words, whether or not the plaintiff should be granted summary judgment on its reliefs contained in the writ of summons. A brief summary of the case is that by an agreement dated 18th August, 2010 between the parties herein, the plaintiff granted a loan facility of USD45,000.00 to the defendant to be repaid on a monthly instalment of USD588.74 over a period of 15 years at an agreed interest of 13.65% per annum commencing from the date of disbursement. The parties further agreed that in the event of a default by the defendant, the rate of interest will be 22.50% per annum. The defendant used a residential property No. Block 7, Plot 7, Hse No. 4, 2nd Drive, Comet Gardens, Berekuso in the Eastern Region as security for the facility. The inability of the defendant to satisfy the debt has brought the parties to court. The plaintiff therefor...