Matilda Asante-Asiedu
The Bank of Ghana (BoG) has cautioned borrowers to honour their credit obligations to help build a resilient and inclusive credit market.
The BoG Second Deputy Governor, Matilda Asante-Asiedu, who made the call during a sensitisation programme organised for the Ghana National Chamber of Commerce and Industry (GNCCI) in Accra, said that while reforms have expanded lending opportunities for businesses, sustaining the system depends on how borrowers understand, manage, and honour their credit commitments.
According to Mrs. Asante-Asiedu, access to credit goes beyond the introduction of modernised legal frameworks and digital platforms; it also relies heavily on borrower behaviour, which requires discipline and responsibility.
“With increased access comes a greater obligation on borrowers to understand the credit agreements they sign, to honour repayment schedules, and to use credit judiciously to strengthen their enterprises,” she stated.
She explained that the credit law outlines key borrower rights, including access to information, fair treatment, and full pre-agreement disclosure, while also emphasising borrowers’ responsibility to be honest during loan applications.
Mrs. Asante-Asiedu urged business owners to become active participants in protecting the integrity of the credit system, encouraging them to seek clarity when loan terms appear ambiguous or conditions are unclear, and to provide feedback whenever they face operational challenges.
She further reaffirmed the BoG’s commitment to reforms aimed at improving credit information, strengthening lender confidence, and expanding opportunities for businesses of all sizes.
The Deputy Governor noted that progress made in addressing challenges to credit access must be safeguarded to avoid eroding the gains achieved by the Central Bank.
“It requires continuous partnership with institutions like the GNCCI. Together, we can create a credit ecosystem where opportunity is not limited by size, where a promising business idea is not crippled by lack of collateral, and where borrowing becomes a catalyst for sustainable growth rather than a source of vulnerability,” she added.
By Ebenezer K. Amponsah