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 generate returns, rather than used for personal luxuries. Proper use of credit enhances business growth and strengthens financial stability.”

Echoing this sentiment, President of the Ghana National Chamber of Commerce and Industry, Stephane Miezan, urged the Bank of Ghana to improve access to credit for businesses, especially as interest rates decline. “Lower interest rates are only effective if businesses can access financing. Efforts to make credit both affordable and accessible are vital for supporting industry growth,” he stated.

The BoG’s message underlines the critical link between responsible borrowing, business investment, and the overall health of the financial sector. Ensuring that loans are repaid on time and used purposefully remains a shared responsibility between borrowers and financial institutions.



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