BAFFOUR, J.
Plaintiff claims the following reliefs endorsed on its writ issued against the defendant:
a. Recovery of the sum of Thirty-Four Million, Three Hundred and Seventy-One Thousand, One Hundred and Eighty –Nine Ghana Cedis and Twenty-Nine Pesewas Gh¢34,371,189.29
b. Recovery of interest on the said sum, at the contractual default compound interest rate of 42.5% per annum accruing from day to day and compounded monthly till date of final payment
c. Cost including legal fees on a full indemnity basis
d. Such further order(s) as the court may deem fit.
The factual basis for the claim of the Plaintiff can be summarized as follows: That Defendant by a board resolution resolved to request banking credit facility from the Plaintiff Bank. And by a deferred letter of credit Plaintiff granted an amount of USD$7,330,000.00 to the 1st Defendant institution for which 2nd and 3rd Defendants being directors of the 1st Defendant gave personal guarantees among other securities for the due repayment o…