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

KOOMSON, J.

In 2009, September 1^st, the Plaintiff granted the 1^st Defendant a discounting facility of GH¢52,000.00 to enable the 1^st 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 21^st February, 2010. The 1^st and 2^nd Defendants executed a joint and several guarantee in favour of the Plaintiff to be liable for the debts of the 1^st Defendant. The board of the 1^st Defendant Company passed a resolution to approve the facility.

Then on the 18^th September, 2009, upon a second request by the 1^st Defendant, the Pl…