GHANA GROWTH FUND LTD vs. TANTRA HILLS ESTATES DEV. LTD AND COL KWAKU ADADE TAKYI

The 2nd defendant, Col. Kwaku Adade Takyi, offered for sale his property at 23B Castle Road, Ridge, Accra. The property had been mortgaged to FBN Bank as security for a facility granted to the 1st defendant company, Tantra Hills Estates Dev. Ltd. Dr and Mrs Nduom, acting through the plaintiff company, Ghana Growth Fund Ltd, negotiated to purchase the property. The plaintiff paid monies to FBN Bank in connection with the transaction and later claimed that it had paid more than the agreed purchase price. It then sought to characterize the alleged excess as a loan/facility to the defendants and sued for specific performance of a facility agreement and recovery of GH¢4,226,711.17 with interest. The defendants denied liability; the 1st defendant contended it was wrongly joined, while the 2nd defendant maintained that the final agreed purchase price was GH¢13,500,000.00, not GH¢11,400,000.00, and counterclaimed for damages and accrued interest. Portion of judgment: “The facts of the case are that the 2nd defendant put up for sale his property situate at 23B Castle Road, Ridge, Accra... Some months after the sale and purchase of the property the plaintiff, alleging that it had paid more than the agreed price for the property, prepared a loan agreement in respect of the allege excess payment for the defendants to execute. When the defendants turned down their request the plaintiff instituted the instant action...”