Plaintiff had sought in his writ the recovery of an amount of One Million and Twenty Nine Thousand Five Hundred and Ninety Ghana Cedis (GH¢1,029,590.00) being the outstanding amount claimed to be owed to the Plaintiff as well as interest on the amount from 1st, February, 2017 till date of final payment. The other reliefs may not be necessary for the determination of the matter now before the court.
Plaintiff posit that he did enter into a transaction with Defendants wherein he advanced an amount being cedi equivalent of One Hundred Thousand US Dollars ($100,000.00) to the Defendants. That the Defendants were to repay the money together with interest at 50% within ten days with five additional days as grace period. That Defendants failed to repay the monies within the ten days plus the additional five days as per the agreement the monies unpaid will attract a compound interest of 1% per each day of default.
1st Defendant did not deny the granting of such a loan by Plaintiff but only clai…