FLASHBACK: Don’t hide from your debtors - BoG tells borrowers

In June last year, the Bank of Ghana entreated borrowers to desist from hiding from their financial institutions when it is time to settle their debts.

This was made known by the Head of Conduct Supervision Unit of the Bank of Ghana, Augustine Donkor.

According to him, the principle of banking in the country frowns upon the afore-mentioned attitude.

Read the full story originally published on June 15, 20122 by www.ghanaweb.com.

BoG deepens financial literacy in the country

Refusal to settle debts breaks the trust lenders have in customers, BoG

Be vigilant, BoG to public on financial scammers

Desist from hiding from your financial institutions when it's time to settle your debts, the central bank has urged borrowers.

According to the Head of Conduct Supervision Unit of the Bank of Ghana, Augustine Donkor, this attitude of borrowers running away goes against the principle of banking in the country.

He indicated that borrowers, who do not meet the payment deadline can go into negotiations with their financial institutions to draw a new payment plan for them.

In a Daily Graphic report, Mr Donkor said the refusal of borrowers to honour their obligation breaks the trust between the lender and customers.

"This, he said, could impact negatively on the general integrity of the financial sector and the health of the institution in particular," Daily Graphic reported.

He further entreated the general public to be vigilant and not fall prey to financial scammers.

Mr Donkor made these comments at a sensitization workshop for the staff of Ghana Immigration Service in Accra on Wednesday.

The workshop forms part of the Bank of Ghana's efforts to deepen financial literacy in the country.