The Bank of Ghana has announced an update to its regulations concerning wilful defaulters.
According to the new rules, a wilful defaulter is defined as anyone who is capable of repaying a loan but refuses to do so, diverts loan funds, or disposes of collateral without approval.
The central bank has urged all customers to review the updated rules and familiarise themselves with the sanctions that may apply.
Details of the regulations and the corresponding penalties are available on the Bank of Ghana’s official website.
The update is part of the Bank of Ghana’s continued efforts to promote responsible borrowing and strengthen the integrity of the financial sector.
