Honour your loan repayment obligations – Bank of Ghana tells borrowers
The Bank of Ghana (BoG) is asking borrowers to strictly honour their loan repayment obligations and apply credit for its intended purpose.
This the Central Bank says is critical to strengthening the financial sector.
According to the Bank of Ghana’s May 2025 economic and financial data summary, the industry’s non-performing loans ratio inched up to 23.6% in April from 23.4% in March.
Second Deputy Governor Matilda Asante-Asiedu, speaking at a sensitisation programme on the Borrowers and Lenders Act for members of the Ghana National Chamber of Commerce and Industry, said that timely loan repayments and responsible use of credit remain essential to safeguarding 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. 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,” she said.
President of the Ghana National Chamber of Commerce and Industry, Stephane Miezan, on his part urged the Central Bank to ensure improved access to credit for businesses, especially as interest rates continue to decline.
“The challenge is not the interest rate coming down. It is also the access to the finance because if something is cheap and you cannot get it, then really it’s a zero-sum game.
“I believe you all agree with me. So in as much as Bank of Ghana you are 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,” he added.
