ECOBANK (GHANA) LIMITED vs. KENDICKS CONSTRUCTION LTD, DICKSON ATTA, SAMUEL KOFI NKETIAH, STEPHEN KWASI OSEI AND ROSE NKETSIAH

Per a motion on notice filed 05/05/2016, the defendants/judgment/debtors/ applicants move this court for: “…………………….an order for payment by instalment and for waiving interest as per the accompanying affidavit, and for any further order or orders as this honourable court shall deem just.” The thrust of the application, the grounds upon which are catalogued in the accompanying affidavit, is that the 1st defendant/applicant contracted with the Plaintiff/respondent bank for a loan of Gh¢250,000.00 to execute a Government of Ghana project. It has by 31/10/2013 paid off the principal sum in addition to an interest of Gh¢34,566.90 making a total payment of Gh¢284,566.90. It has been averred to in paragraph 3 of the accompanying affidavit that a further payment of Gh¢50,000.00 as interest was made on 30/04/2014. Yet the Plaintiff bank is exacting additional interest of Gh¢118,698.95 described as penal interest. Now, whereas the 1st defendant...