EXPORT IMPORT BANK vs. HYDRAFORM EST. GHANA LTD. AND JOHN JOJO KOOMSON

JUDGMENT Plaintiff’s case By a writ of summons issued on 8th March 2006, the plaintiff claimed the following reliefs against the defendants: i. Recovery of the principal sum of US$661,440.00 or its equivalent in cedis at the current bank exchange rate. ii. Interest on the said amount of US$661,440.00 from December 15, 2000 to the date of final payment at the London Inter Bank Ordinary Rate plus 3%. iii. Costs and expenses incurred by the plaintiff in connection with the enforcement of the agreement. It is the plaintiff’s case that around March 2000, the 1st defendant applied to Allfirst Bank, a bank registered in the United States of America for a loan of US$661,440.00 to finance the purchase of steel frame housing systems from USA Frametek Ltd. Allfirst Bank approved the loan and this was reduced into a Letter of Credit and Loan Agreement dated 31st March 2000. This was followed by a Promissory Note dated 23rd October 2000 made between the plaintiff and the 1st defen...