The Bank of Ghana (BoG) is finalising a comprehensive digital lending guidelines, which will be issued by August 2025, Governor Dr Johnson Pandit Asiama, has disclosed.
He said the digital lending guidelines had become necessary to protect the financial consuming public.
“This is an urgent and necessary intervention,” Dr Asiama said when he met the Chief Executive Officer (CEOs) of the universal banks in the country.
The meeting formed part of the post-Monetary Policy Committee (MPC) with some stakeholders.
“Today, too many Ghanaians, especially young people and informal workers, are being lured by online lending platforms that make bold promises, only to turn around and trap them in cycles of hidden fees, harassment, or worse,” the Governor said.
He added” We’ve received reports of individuals being threatened, shamed, or scammed, all under the guise of accessing quick loans. We cannot allow this to continue.”
The Governor said the upcoming guidelines would bring clear, enforceable standards to both bank-led and non-bank digital lending models.
Dr Asiama said the new guidelines would be around licensing and authorisation, disclosure and interest rate transparency, data protection and customer privacy, and ethical recovery and collection practices.
“Our goal is to protect borrowers, especially the most vulnerable, from exploitation, and to enable responsible, well-regulated digital lenders – including banks and their fintech partner’s lenders – to thrive,” the Governor added.
He emphasised that” If your institution is active in digital lending, whether directly or through third parties, now is the time to review your models and prepare for compliance. Let us work together to build a digital lending space that serves people with dignity, fairness, and integrity.”
Touching on high non-performing loans to restore confidence in the banking system, Dr Asiama said the BoG would soon issue a comprehensive directive to tackle persistently high NPLs across regulated financial institutions.
“The upcoming measures will mandate write-offs of fully provisioned loans with no realistic recovery prospects, excluding related-party exposures, cap NPL ratios at 10 per cent of gross loans by December 2026, tighten restructuring rules, requiring sustained repayment before reclassification and enforce timely collateral recovery, especially for overdue loans.
In addition, the Governor said the new directive would strengthen credit risk governance and require proof of effectiveness enhance NPL reporting and disclosure, with monthly submissions and public transparency, restrict further credit to strategic or willful defaulters and share their identities with key financial sector oversight bodies.
As part of this directive, Dr Asiama said banks would also be required to disclose blacklisted willful defaulters in their audited financial statements, along with sectoral breakdowns of NPL exposures.
“This added layer of transparency will sharpen both regulatory and investor focus on systemic credit risks. These actions are part of our broader agenda to restore asset quality, promote sound lending practices, and safeguard the resilience of Ghana’s financial system,” Dr Asiama stated.
The Governor highlighting on measures to strengthen local governance, the Governor said the BoG was preparing to issue a directive aimed at strengthening local accountability and board independence in foreign-owned banks operating in the country.
The directive he said addressed concerns that critical credit and risk decisions were being made by offshore parent companies and merely endorsed by local boards, creating the illusion of local governance while bypassing Ghanaian regulatory oversight.
“Let me state clearly: Ghana-boards must not serve as rubber stamps for instructions issued from offshore. This undermines the very basis of effective governance and creates unacceptable regulatory blind spots,” Dr Asiama stated.
nology, and one each from Kwame Nkrumah University of Science and Technology, University of Cape Coast and Ghana Communications Technology University.
Each awardee will receive GH¢ 5,000 towards their final year tuition, a tablet computer with six-month free data access, mentorship by seasoned female professionals at Telecel, internships opportunities and priority consideration for full-time roles.
Sharing her own journey as an example, Chief Executive of Telecel Ghana, Ms Patricia Obo-Nai, urged the new cohort to embrace the diverse opportunities in Science, Technology, Engineering, and Mathematics (STEM).
“I began my journey as an intern, progressed through various technology roles, later transitioned into commercial operations, and today, I’m in management. Be open to learning new skills, embrace new challenges, stay curious on the job, and don’t hesitate to ask your mentors questions. Make the most of this opportunity,” she said.
This year, 48 eligible candidates from the partner institutions were considered, with 21 advancing to the final interview stage.
Speaking at the event on the purpose and selection process of the FESSP, Rachael Appenteng, Human Resource Director of Telecel Ghana, said that the initiative was vital for the advancement of STEM and crucial for promoting diversity and inclusion globally.
“Each of you were chosen because of your talent and potential. We believe in you, and we are committed to supporting you on this journey. Embrace the opportunity to learn, and let it inspire you to pave the way for the next generation of female engineers,” she said.
One of the recipients, Megan Nana Aba Welsing, a final-year Computer Engineering student at the University of Ghana said she worked towards this achievement, and it feels fulfilling to see her years of studying rewarded.
“I’m excited to find my niche in the working field and develop my soft skills so I can become more confident and daring through the mentorship and practical work experience. Then I can use this experience to influence other younger females to pursue careers in STEM,” Ms Weising said.
Madam Christiana, a mother to one of the FESSP recipients, expressed her gratitude for the investment in the young women through the mentorship, financial and career advantages given them.
Since its introduction in 2011, FESSP has to date supported 100 female engineering students from five universities, at a time when female retention in engineering remains low globally. According to UNESCO, women make up just 16.5 per cent of the engineering workforce worldwide, a figure that shrinks further in leadership roles.
BY KINGSLEY ASARE
