The Bank of Ghana (BoG) has urged borrowers across the country to honour their loan repayment obligations and ensure that all credit facilities are used solely for their intended purposes.
According to the Central Bank, timely repayments and responsible application of loans are critical to maintaining financial stability.
“With increased access clearly comes greater responsibility and accountability, and borrowers must understand the agreements they sign, which is why this workshop is important. Honour the repayment obligations and apply the loans purposefully to strengthen their businesses,” Second Deputy Governor Matilda Asante-Asiedu said at a sensitisation programme on the Borrowers and Lenders Act for members of the Ghana National Chamber of Commerce and Industry.
She cautioned against misusing business loans for personal luxury, noting: “So the idea is not to take the loan and to buy the next beautiful car but it’s to take the loan and put it in the business because if you put that loan in the business, probability that the business will generate more and out of that you can then buy that beautiful car is very high.”
On his part, the President of the Ghana National Chamber of Commerce and Industry, Stephane Miezan, encouraged the Central Bank to enhance access to credit, especially for enterprises seeking capital at a time when interest rates are declining.
“The challenge is not the interest rate coming down. It is also access to finance, because if something is cheap and you cannot get it, then really it’s a zero-sum game,” he said. “So in as much as the Bank of Ghana is doing so well in putting in every effort to ensure that the cost of credit comes down, please put in every effort to make it accessible to those of us in industry and in business.”
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