{"id":118542,"date":"2023-11-10T11:40:51","date_gmt":"2023-11-10T11:40:51","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/11\/10\/bog-warns-loan-guarantors\/"},"modified":"2023-11-10T11:40:51","modified_gmt":"2023-11-10T11:40:51","slug":"bog-warns-loan-guarantors","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/11\/10\/bog-warns-loan-guarantors\/","title":{"rendered":"BoG Warns Loan Guarantors &#8211;"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong><em>Dr. Ernest Addison<\/em><\/strong><\/p>\n<p>\u00a0<\/p>\n<p>THE CENTRAL Bank has advised guarantors to borrowers from financial institutions to assess the repayment capabilities of such persons before initialing any contracts.<\/p>\n<p>In a recent notice, the Bank of Ghana emphasised, \u201cDo not forget that as a guarantor, you will be required to pay back any outstanding loan balance, if the borrower is unable to meet the loan obligation.\u201d<\/p>\n<p>The bank said guarantors had a legal and financial responsibility to repay the outstanding balance on any loan, if the borrower defaulted.<\/p>\n<p>BoG defines a loan guarantor as an individual who gives an undertaking or promises to pay a borrower\u2019s debt if the borrower defaults on a loan obligation i.e., if the borrower fails or is unable to repay the loan with accrued interest.<\/p>\n<p>\u201cDo not rush to guarantee for borrowers and sign off on the documents but rather obtain and study the loan agreement to ensure that you understand the terms and conditions, and you are comfortable, before committing yourself,\u201d it added.<\/p>\n<p>The central bank further warned guarantors not to only depend on a borrower\u2019s word of mouth or merely the relationship they have with them to guarantee their loans.<\/p>\n<p>\u201cIt is your duty to do due diligence. Remember, commitment has legal implications and exercise caution, if in doubt, seek independent legal and financial advice prior to accepting to guarantee a loan,\u201d it stated.<\/p>\n<p><strong>A business desk report<\/strong><\/p>\n<p><!-- AI CONTENT END 2 -->\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dr. Ernest Addison \u00a0 THE CENTRAL Bank has advised guarantors to borrowers from financial institutions to assess the repayment capabilities of such persons before initialing any contracts. In a recent notice, the Bank of Ghana emphasised, \u201cDo not forget that as a guarantor, you will be required to pay back any outstanding loan balance, if [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":99547,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-118542","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BoG Warns Loan Guarantors - 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\/2023\/11\/10\/bog-warns-loan-guarantors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BoG Warns Loan Guarantors - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Dr. Ernest Addison \u00a0 THE CENTRAL Bank has advised guarantors to borrowers from financial institutions to assess the repayment capabilities of such persons before initialing any contracts. 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