NDK FINANCIAL SERVICES LTD vs. ALLIED COCOA PRODUCTS LTD

1 Introduction The parties in this suit are locally registered limited liability companies: plaintiff is a non-banking financial institution, whilst defendant deals in cocoa products. The brief facts are that based upon a written undertaking defendant made for and on behalf of Trade Haulage Ghana Limited (THGL) a customer of plaintiff who on 12 July 2012 had applied for a loan facility of GH¢3,500,000, the plaintiff approved the said facility to THGL. By the said undertaking dated 15 Jan. 2013, defendant undertook to pay plaintiff the sum of GH¢219,730 to the joint names of the plaintiff and THGL when same is due for payment. On failure of THGL to redeem the facility, plaintiff on 21 December 2016 filed this suit against defendant for recovery of the GH¢219,730 that defendant undertook to pay. 2.0 Statement of the parties’ case 2.1 Plaintiff’s case According to plaintiff, THGL failed to retire the loan facility by its term i.e. 27 August, 2013, and that THGL had thereafter...