BANK OF AFRICA vs. BIG AIDOO CONSTRUCTION CO. AND ANOTHER

In 2009, September 1st, the Plaintiff granted the 1st Defendant a discounting facility of GH¢52,000.00 to enable the 1st Defendant to discount on interim payment certificate No. 3-DFR which was valued GH¢475,876.72 so as to be able to continue some surface dressing of the Asikuma-Badum-Besease Feeder road. The parties agreed to an interest rate as follows:- “Interest on the facility will be charged at Base Rate (currently at 29.75) plus 4.25% per annum collectible at the end of the period (subject to variation in line with market trends). A default interest rate of 1%. The parties further agreed that the facility was to be repaid in full on or before 21st February, 2010. The 1st and 2nd Defendants executed a joint and several guarantee in favour of the Plaintiff to be liable for the debts of the 1st Defendant. The board of the 1st Defendant Company passed a resolution to approve the facility. Then on the 18th September, 2009, upon a second request by the 1st Defendant, the Plai...