{"id":739733,"date":"2019-11-07T12:36:25","date_gmt":"2019-11-07T12:36:25","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/11\/07\/loan-applicants-must-read-terms-of-contract-bog\/"},"modified":"2019-11-07T12:36:25","modified_gmt":"2019-11-07T12:36:25","slug":"loan-applicants-must-read-terms-of-contract-bog","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/11\/07\/loan-applicants-must-read-terms-of-contract-bog\/","title":{"rendered":"Loan Applicants Must Read Terms Of Contract &#8211; BoG"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>Some BoG officials in a chat with Col. Eric Quarshie after the conference at Burma Hall<\/strong><\/p>\n<p>PERSONS<br \/>\nSEEKING loans from commercial banks operating in the country have been urged to<br \/>\nrequest pre-agreement statement on the facility and read thoroughly before<br \/>\nappending their signature.<\/p>\n<p>Augustine<br \/>\nDonkor, Head of Market Conduct Supervision Unit of the Bank of Ghana (BoG), who<br \/>\ngave the advice, said most loan seekers hurriedly endorsed loan contracts<br \/>\nwithout reading the agreements only to realise that they have committed<br \/>\nthemselves to agreements which they did not understand. <\/p>\n<p>The<br \/>\npre-agreement statement, he said, was a summarized version of the loan<br \/>\nagreement which clearly indicated the fees involved, interest rate and other<br \/>\nprocessing fees.<\/p>\n<p>\u201cMany<br \/>\na time, customers, for lack of time, do not go through the terms and conditions<br \/>\nassociated with a loan facility and go ahead to sign for it. Later when the<br \/>\nbank starts to deduct some unwarranted fees, they start to complain,\u201d he said.<\/p>\n<p>He<br \/>\nsaid such a situation made it difficult for the BoG to assist customers since<br \/>\nthey had sealed the agreement.<\/p>\n<p>Addressing<br \/>\npersonnel of the Ghana Armed Forces as part of BoG Financial Literacy<br \/>\nConference at Burma Hall in Accra, Mr. Donkor maintained that loan applicants<br \/>\nshould not see themselves as beggars going to beg for money from the banks.<\/p>\n<p>\u201cA<br \/>\nloan applicant is a client who is rather going to offer the bank money and must<br \/>\ncarry themselves as big persons and endeavour to ask questions if they do not<br \/>\nunderstand any clause in the facility agreement.<\/p>\n<p>\u201cIf<br \/>\na customer has a loan which is running and would want an early settlement, per<br \/>\nthe banking laws, it is allowed and the interest should not go beyond 0.25%,\u201d<br \/>\nhe said.<\/p>\n<p>The<br \/>\nHead of Financial Literacy Unit of BoG, Franklin Mensah, in a remark, said, \u201cYou<br \/>\nmust communicate in a language that you are comfortable with during your<br \/>\ntransactions, and it is the responsibility of the bank to get you an<br \/>\ninterpreter if they do not understand your language. If you think you have been<br \/>\ntreated unfairly by a particular bank, just make an official complaint to the Bank<br \/>\nof Ghana and we shall take the matter up.\u201d<\/p>\n<p>He<br \/>\nmaintained that such complaints must be supported with documents if they were<br \/>\navailable.<\/p>\n<p>Dr.<br \/>\nJoseph France, Head of Financial Stability Department, added that the BoG would<br \/>\ncontinue to educate customers on their rights and responsibilities in the<br \/>\nbanking hall as part of their mandate as a regulator.<\/p>\n<p>He<br \/>\nalso urged Ghanaians to conduct proper investigations into any financial<br \/>\ninstitution they chose to invest with in order not to be scammed.<\/p>\n<p> <strong>(lindatenyah@gmail.com) <\/strong><\/p>\n<p><strong>BY Linda Tenyah-Ayettey <\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Some BoG officials in a chat with Col. Eric Quarshie after the conference at Burma Hall PERSONS SEEKING loans from commercial banks operating in the country have been urged to request pre-agreement statement on the facility and read thoroughly before appending their signature. Augustine Donkor, Head of Market Conduct Supervision Unit of the Bank of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":739734,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-739733","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Loan Applicants Must Read Terms Of Contract - BoG - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/11\/07\/loan-applicants-must-read-terms-of-contract-bog\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Loan Applicants Must Read Terms Of Contract - BoG - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Some BoG officials in a chat with Col. 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