{"id":59198,"date":"2023-11-10T07:25:42","date_gmt":"2023-11-10T07:25:42","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/?p=59198"},"modified":"2023-11-10T04:36:39","modified_gmt":"2023-11-10T04:36:39","slug":"bog-cautions-public-over-guaranteeing-of-loans","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-cautions-public-over-guaranteeing-of-loans","title":{"rendered":"BoG cautions public over guaranteeing of loans"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>The Bank of Ghana is cautioning Ghanaians to be wary of guarantee loans for any and everyone without first assessing the capabilities of the borrower to repay.<\/b><\/p>\n

According to the Central Bank, by law, the guarantor will be compelled to repay the loan with accrued interest if the borrower fails to honour their obligation.<\/p>\n

In a notice, the banking sector regulator also advised guarantors to assess the repayment capabilities of the borrower before guaranteeing any credit facility or loan.<\/p>\n

\u201cAssess the repayment capabilities of the borrower before guaranteeing any credit facility or loan. Don\u2019t forget that as a guarantor, you will be required to pay back any outstanding loan balance, if the borrower is unable to meet the loan obligation\u201d.<\/p>\n

The BoG also urged potential guarantors to carefully study the loan agreement to ensure that they understand the terms and conditions before appending their signature to it.<\/p>\n

\u201cDo not rush to guarantee for borrowers and sign off on the documents. Obtain and study the loan agreement to ensure that you understand the terms and conditions, and you are comfortable, before committing yourself.<\/p>\n

\u201cDo not only depend on a borrower\u2019s word of mouth or merely the relationship you have with them to guarantee their loan. It is your duty to do due diligence. Remember, the commitment has legal implications,\u201d the notice added.<\/p>\n

Continuing, the Bank of Ghana also counselled consumers to exercise caution, adding \u201cIf in doubt, seek independent legal and financial advice prior to accepting to guarantee a loan\u201d.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. The Bank of Ghana is cautioning Ghanaians to be wary of guarantee loans for any and everyone without first assessing the capabilities of the borrower to repay. According to the Central Bank, by law, the guarantor will be compelled to repay the loan with accrued interest if the borrower fails to honour […]<\/p>\n","protected":false},"author":84,"featured_media":59197,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[5092,5096,429],"class_list":["post-59198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nBoG cautions public over guaranteeing of loans - Ghana<\/title>\n<meta name=\"description\" content=\"The Bank of Ghana is cautioning Ghanaians to be wary of guarantee loans for any and everyone without first assessing ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-cautions-public-over-guaranteeing-of-loans\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BoG cautions public over guaranteeing of loans\" \/>\n<meta property=\"og:description\" content=\"The Bank of Ghana is cautioning Ghanaians to be wary of guarantee loans for any and everyone without first assessing ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-cautions-public-over-guaranteeing-of-loans\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-10T07:25:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/11\/sm_1699578258.929831.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1728\" \/>\n\t<meta property=\"og:image:height\" content=\"1152\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-cautions-public-over-guaranteeing-of-loans#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-cautions-public-over-guaranteeing-of-loans\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"BoG cautions public over guaranteeing of loans\",\"datePublished\":\"2023-11-10T07:25:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-cautions-public-over-guaranteeing-of-loans\"},\"wordCount\":270,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-cautions-public-over-guaranteeing-of-loans#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/11\/sm_1699578258.929831.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-cautions-public-over-guaranteeing-of-loans#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-cautions-public-over-guaranteeing-of-loans\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-cautions-public-over-guaranteeing-of-loans\",\"name\":\"BoG cautions public over guaranteeing of loans - 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