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 key industry bodies, including the Association of Ghana Industries (AGI) and the Ghana National Chamber of Commerce and Industry (GNCCI).
Speaking during the sensitisation session, the Head of the Bank of Ghana’s Collateral Registry, Mr Alexander Koomson, said the initiative was prompted by feedback indicating a widespread lack of awareness among the public about the legal framework governing loans and collateral.
He explained that many people were previously unaware of the provisions of Act 1052, but continuous education had enabled business owners to ask relevant questions about how they could take advantage of the legal provisions.
Act 1052 clearly outlines the rights and responsibilities of borrowers and financial institutions, with the aim of promoting a fair and balanced lending environment.
Mr Koomson explained that a secured transaction involved obtaining a loan using an asset as collateral. Read More
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