GHANA HOME LOANS LTD (PLAINTIFF) vs. PHILIP ABRADU-OTOO & ANOR. (DEFENDANTS)

In June 2008, the parties entered into a contract whereby the Plaintiff granted to the Defendants a USD62,000.00 loan facility at an agreed interest rate of 12.50% per annum. It is further agreed between the parties that in the event of default the default rate of interest shall be at 18.50% per annum. The Defendants’ default and the persistent demand on them to settle their indebtedness having failed, caused the Plaintiff to issue the Writ of Summons asking for the following reliefs:- 1. The Defendants pay the Plaintiff the amount of USD60,614.34 being the outstanding balance on the loan facility granted to the Defendants. 2. Interest on the said amount from 18th June, 2014 to the date of final payment at the agreed rate of 18.50% per annum. 3. Costs accessioned by this action. It is noted that on the 12th March, 2019 the Court Ordered parties to file their respective witness statements and check-lists. On the 9th May, 2019, the Court struck out the statement of defence.....