Senior at the Assurance Unit of Deloitte Ghana, Kwame Osei Bonsu, is advising businesses and borrowers to repay their loans from banks or lenders without delay.
He emphasized that this measure is essential for protecting Ghana’s financial system and maintaining its stability.
In an interview on the Joy Business Masterclass on Joy FM, Kwame Osei Bonsu stated that delays in loan repayments harm the borrower’s credit history and hinder lenders from providing loans to other businesses, which is crucial for their ongoing operations.
“Paying back loans is very key because banks plan with your payment schedule anticipating the money because they know that some other businesses need this cash flow. And with your payment, they can fulfil that obligation”, he mentioned.
He added that delaying loan repayments without prior notification to the lender fosters mistrust and jeopardizes a borrower’s chances of securing future credit facilities.
He also encouraged lenders to conduct thorough due diligence to determine the credit risk levels of individuals or businesses applying for loans.
“If you have funds and you want to give out loans, you should be able to determine the specific risks that you are exposed to in order to take decisions that will benefit you and the economy”, he added.
Kwame Osei Bonsu also encouraged lenders to hold borrowers responsible by evaluating the anticipated risk associated with them and exploring alternative methods to guarantee prompt loan repayments.