BARCLAYS BANK OF GHANA LTD vs. PROVEST EXPORTS GHANA LTD & 2 ORS

JUDGMENT ANTHONY OPPONG, JA: The Plaintiff bank granted loan facility to 1st defendant company on or about March 2007. The loan facility was guaranteed by the managing directors of 1st defendant company, namely, Dr. Henry Broni-Amponsah and Henrietta Cofie, the 2nd and 3rd defendants respectively. The amount involved was $415,121.25 and it was to be paid back within two years six months. The plaintiff bank averred that as at 21st January 2011 the 1st defendant’s total indebtedness to the plaintiff bank on which interest continued to accrue at the prevailing bank’s lending rate stood at GH¢535,666.57 Despite demands made on defendants to pay, the default remained undischarged. Consequently, plaintiff bank sued the defendants jointly and severally for: i. “Recovery of the sum of GH¢535,666.57 being the balance outstanding on banking facilities granted by the plaintiff to the 1st defendant as at 21st January 2011 or in the alternative: a. Judicial sale of 2nd...