The Bank of Ghana (BoG) has called on borrowers nationwide to repay their loans promptly and use credit facilities responsibly for their designated purposes. The Central Bank emphasized that timely loan repayments and careful use of borrowed funds are essential to safeguarding financial stability.
“At a time when access to credit is increasing, so is the responsibility borrowers bear. It is crucial for borrowers to fully understand their loan agreements,” said Second Deputy Governor Matilda Asante-Asiedu during a Borrowers and Lenders Act sensitization program held for the Ghana National Chamber of Commerce and Industry. She stressed that loans should be injected into businesses rather than used for personal luxury items, explaining that investing loan funds into one’s business improves the likelihood of growth and better financial outcomes.
The President of the Ghana National Chamber of Commerce and Industry, Stephane Miezan, supported this message and urged the BoG to further improve access to credit, particularly for businesses in need of capital. He noted that while falling interest rates are positive, availability of credit remains a major barrier. “If credit is affordable but inaccessible, it does not benefit businesses. We encourage the Bank of Ghana to focus not only on lowering costs but also on making finance more accessible to entrepreneurs,” he said.
Story by: Mercy Addai Turkson #ahotoronline.com