The Second Deputy Governor of Bank of Ghana, Elsie Awadzi has affirmed the central bank’s commitment to a stronger credit market.
During a stakeholders’ forum on collateral enforcement, the Second Deputy Governor noted that a robust credit market is essential for providing cost-effective loans to businesses, particularly small- and medium-sized enterprises (SMEs) and households.
“In the end, we are all on one side. Our collective goal is to promote a stable and efficient credit system. The Bank of Ghana, as a regulator, remains committed to working with all stakeholder groups to make this mission a reality,” she stated.
Amid growing concerns over rising non-performing loans and the challenges faced by financial institutions in recovering debts, Ms. Awadzi stressed the importance of a collaborative approach to ensure stability for the banking sector and broader economy.
She acknowledged that while credit is crucial for economic growth, it can only be effective when loans are granted prudently and borrowers meet their repayment …