The Chief Executive Officer of the Ghana Association of Bankers (GAB), John Awuah, says banks are ever ready to sit with customers to restructure loan repayments in response to recent interest rate hikes as a result of the economic downturn.

According to him, banks do understand the challenges the current economic situation poses for borrowers and thus by restructuring loan repayments, the burden on borrowers could be mitigated.

He noted that it is especially important for banks to take this initiative since when borrowers default on their loan repayments due to their inability to meet the high interest rates amidst the current economic climate, it is the banks that will suffer the brunt of it all.

Speaking on JoyNews’ PM Express Business Edition, he said, “Banks like to see to their customers. They like to sit with them to understand their business, to understand their financial needs.

“So if part of that discussion would mean that they take a second look at the lending that they’ve given you or the funds for your repayment or your next repayment date and if it means that they may have to take a decision on a few pillars; either reducing the payment amount by extending the tenure or maybe taking a decision on even additional funding so that you can weather the storm, when it comes we are in it together.

“If you are not able to pay, the risk sits with us so we have to support you all the way so that that support sustains you over this crazy period, if I should put it that way.”