BoG intensifies education on Borrowers and Lenders Act
THE Bank of Ghana (BoG), through the Collateral Registry, has extended its nationwide public sensitisation campaign on the Borrowers and Lenders Act, 2020 (Act 1052), to Kumasi in the Ashanti Region. The move, aimed at widening access to credit and bringing greater clarity to secured transactions across the country, follows successful engagements in Accra with … The post BoG intensifies education…
The Bank of Ghana (BoG) has ramped up its nationwide public awareness drive on the Borrowers and Lenders Act, 2020 (Act 1052) in Kumasi, Ashanti Region. This intensified outreach aims to enhance credit accessibility and clarity in secured transactions across Ghana, following a successful campaign in Accra with prominent industry associations like the Association of Ghana Industries (AGI) and the Ghana National Chamber of Commerce and Industry (GNCCI).
Speaking at the session, Mr Alexander Koomson, Head of the BoG’s Collateral Registry, revealed the initiative stemmed from feedback highlighting a lack of awareness among the public regarding the legal framework for loans and collateral. He noted that many were previously unaware of Act 1052's provisions, but education has empowered business owners to inquire about leveraging these provisions.
Act 1052 outlines the rights and obligations of borrowers and financial institutions, aiming to foster a fair lending environment. Mr Koomson explained that secured transactions involve borrowing against an asset as collateral.
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