BANK OF AFRICA GHANA LIMITED vs. ISAAC AMPONSAH-POKU AND ROYAL ASHANTI LIMITED

The Plaintiff is a limited liability company incorporated under the laws of Ghana and engaged in the business of banking. The 1st Defendant is an employee of the 2nd Defendant, the guarantor of the facility of the subject matter of this suit and a customer of the Plaintiff bank. The facts of the case as can be gleaned from the pleadings are that on the 22nd of June, 2012, the 1st Defendant applied for and was granted a personal loan in the sum of Thirty thousand Ghana cedis (Gh¢30,000.00) under the Plaintiff’s Employee Personal Loan Scheme (EPLS). The terms of the loan, as accepted by the 1st Defendant, were evidenced in a loan agreement to which he duly applied his signature (Exhibit “A”). The interest rate as per the agreement was 25% per annum subject to variation in line with the market trend. Plaintiff avers that the facility was to attract a processing fee and a commitment fee of 1% respectively and an insurance fee of 1.38%, all totalling One thousand and fourteen Ghana ...