BoG aims to make credit delivery system more transparent
The Ghanaian credit delivery system could become more transparent thanks to a new initiative by the Bank of Ghana (BoG).The Ghanaian credit delivery system could become more transparent thanks to a new initiative by the Bank of Ghana (BoG).
Last week, the organisation invited officials from small and medium-sized enterprises to attend an outreach programme in Kumasi, along with other business leaders and micro-finance operators, the Ghanaian Chronicle reports.
This was designed to educate them about the workings of the Collateral Registry and ensure they have a deeper understanding of the Borrowers and Lenders Act, which was implemented four years ago.
BoG hopes this will make the market more transparent and improve processes when it comes to maintaining security and dealing with high interest rates.
Akuoko Ankrah, acting Ashanti regional manager at the body, added that stakeholders are also being invited to participate in meetings that could help lead to the law being updated.
This, he said, would ensure credit delivery processes in Ghana adhere to best practice guidelines across the world.