Honour your loan repayment obligations – BoG tells borrowers.
Honour your loan repayment obligations – BoG tells borrowers. The Bank of Ghana (BoG) has called on borrowers to strictly honour their loan repayment obligations and ensure that credit is used for its intended purpose. The Central Bank emphasizes that responsible borrowing is crucial for the stability and growth of the financial sector. According to the BoG’s May 2025 Economic and Financial Data Summary, the non-performing loans ratio in the banking industry increased slightly to 23.6% in April, up from 23.4% in March, highlighting the need for prudent credit management. Speaking at a sensitisation programme on the Borrowers and Lenders Act for members of the Ghana National Chamber of Commerce and Industry, Second Deputy Governor Matilda Asante-Asiedu stressed the importance of timely loan repayments. She noted, “With increased access to credit comes greater responsibility. Borrowers must understand the agreements they sign. Loans should be invested in businesses to generat...