The Second Deputy Governor of the Bank of Ghana (BoG), Matilda Asante Asiedu, is urging businesses and individuals to honour their loan repayment obligations and use credit strictly for its intended purpose.

Speaking at a sensitization programme organised for members of the Ghana National Chamber of Commerce and Industry (GNCCI) on the Borrowers and Lenders Act, she warned that the growing misuse of loans and rising default rates continue to pose a threat to the stability of Ghana’s credit system.

“We want borrowers to understand that loans must be repaid. Honour your repayment obligations and apply the credit strictly for the purpose for which it was secured,” she said.

Mrs. Asante Asiedu added that “misuse of loans and increasing default rates undermine confidence in the financial system, and this must change if we want a more resilient economy.”

She emphasized that the central bank will continue to intensify education on the rights and responsibilities of both borrowers and lenders to strengthen credit discipline across the sector.

President of the GNCCI, Stephane Abass Miezan, in his remarks, called for improved access to finance for businesses.

“We are appealing to the Bank of Ghana and financial institutions to make credit more accessible, especially for SMEs who are struggling to meet the high requirements,” he said.

He noted that while discipline is crucial, businesses also need a supportive credit environment to grow and contribute more effectively to Ghana’s economic development.

The sensitisation programme forms part of the BoG’s ongoing efforts to enhance transparency, enforce the Borrowers and Lenders Act, and promote responsible borrowing and lending practices.