The Chief Executive Officer of the Ghana Savings and Loans Companies Association, Tweneboah Kodua Boakye, has urged borrowers facing repayment challenges to engage financial institutions through formal channels rather than confront loan recovery officers.
Speaking on the Asaase Breakfast Show on Monday (16 March), Boakye said disputes between lenders and borrowers should be resolved through dialogue and established complaint procedures.
“If a customer is unable to repay a loan, the right approach is to visit the financial institution and have a documented conversation with them,” he said.
According to him, such engagements help both parties find practical solutions while avoiding unnecessary confrontations.
Boakye stressed that loan recovery processes within the financial sector are governed by industry standards and regulatory guidelines.
“These institutions operate with procedures and standards, and the regulator is very interested in ensuring that those standards are complied with,” he explained.
He noted that the Bank of Ghana remains responsible for regulatory oversight of financial institutions and will address any breaches of established rules.
Boakye also cautioned loan recovery officers to avoid any form of intimidation or altercation with customers.
“There is no need for employees to engage in any form of confrontation with customers. That is not part of the rules governing the industry,” he said.
He reiterated that criminal conduct linked to loan recovery will be handled by law enforcement agencies, while regulatory breaches would be addressed by the central bank.
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