{"id":56648,"date":"2023-04-10T09:30:29","date_gmt":"2023-04-10T09:30:29","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/04\/10\/borrowers-are-advised-not-to-rush-to-acquire-loans-bog\/"},"modified":"2023-04-10T09:30:29","modified_gmt":"2023-04-10T09:30:29","slug":"borrowers-are-advised-not-to-rush-to-acquire-loans-bog","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/04\/10\/borrowers-are-advised-not-to-rush-to-acquire-loans-bog\/","title":{"rendered":"Borrowers are advised not to rush to acquire loans &#8211; BoG"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"464\"  alt=\"\" title=\"loan\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/04\/loan-696x464.jpg\" data- class=\"entry-thumb lazyload\"\/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"464\" class=\"entry-thumb\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/04\/loan-696x464.jpg\"   alt=\"\" title=\"loan\"\/><\/noscript><figcaption class=\"wp-caption-text\">File<\/figcaption><\/figure>\n<\/div>\n<p><strong>The Bank of Ghana (BoG) has announced to the general public some key issues with regard to loan acquisition and repayment responsibilities and obligations of customers of banks and specialized deposit-taking institutions.<\/strong><\/p>\n<p>The Bank said there was a need for persons to critically assess their loan repayment capabilities prior to obtaining a loan facility.<\/p>\n<p>\u201cBorrowers are advised not to rush to acquire loans. Where possible, they may obtain and compare offers from multiple lenders before deciding on the best deal.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" alt=\"\" width=\"454\" height=\"481\"  src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/04\/BoG-283x300.png\" data- class=\"alignnone  wp-image-289342 lazyload\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-289342\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/04\/BoG-283x300.png\" alt=\"\" width=\"454\" height=\"481\"  \/><\/noscript><\/p>\n<p>\u201cPrior to the signing of a Loan Agreement, lenders are required to give potential borrowers a \u2018Pre-agreement Truth\u2019 in Lending statement (similar to proforma invoice), that summarizes the terms and conditions associated with the loan.\u201d<\/p>\n<p>In taking the decision to accept a loan offer, customers should look out for interest rate which in this case should be the Annual Percentage Rate (APR), which represents the total cost to be paid to the lender each year for the loan, expressed as a percentage.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" alt=\"\" width=\"481\" height=\"512\"  src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/04\/BoG-1-282x300.png\" data- class=\"alignnone  wp-image-289344 lazyload\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-289344\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/04\/BoG-1-282x300.png\" alt=\"\" width=\"481\" height=\"512\"  \/><\/noscript><\/p>\n<p>\u201cNote that the APR provides a broader measure of the cost that a borrower pays for taking a loan. The APR reflects not only the interest rate but also the other fees and charges that borrowers have to pay for the loan,\u201d the Central Bank said.<\/p>\n<p><strong>By Laud Nartey|3news.com|Ghana<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>File The Bank of Ghana (BoG) has announced to the general public some key issues with regard to loan acquisition and repayment responsibilities and obligations of customers of banks and specialized deposit-taking institutions. The Bank said there was a need for persons to critically assess their loan repayment capabilities prior to obtaining a loan facility. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":56649,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-56648","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>Borrowers are advised not to rush to acquire loans - 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\/2023\/04\/10\/borrowers-are-advised-not-to-rush-to-acquire-loans-bog\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Borrowers are advised not to rush to acquire loans - BoG - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"File The Bank of Ghana (BoG) has announced to the general public some key issues with regard to loan acquisition and repayment responsibilities and obligations of customers of banks and specialized deposit-taking institutions. The Bank said there was a need for persons to critically assess their loan repayment capabilities prior to obtaining a loan facility. [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ghanamma.com\/2023\/04\/10\/borrowers-are-advised-not-to-rush-to-acquire-loans-bog\/\" \/>\n<meta property=\"og:site_name\" content=\"Ghanamma.com\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-10T09:30:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ghanamma.com\/2023\/wp-content\/uploads\/2023\/04\/loan.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"775\" \/>\n\t<meta property=\"og:image:height\" content=\"517\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ghana News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ghana News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ghanamma.com\/2023\/04\/10\/borrowers-are-advised-not-to-rush-to-acquire-loans-bog\/\",\"url\":\"https:\/\/www.ghanamma.com\/2023\/04\/10\/borrowers-are-advised-not-to-rush-to-acquire-loans-bog\/\",\"name\":\"Borrowers are advised not to rush to acquire loans - BoG - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2023\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2023\/04\/10\/borrowers-are-advised-not-to-rush-to-acquire-loans-bog\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2023\/04\/10\/borrowers-are-advised-not-to-rush-to-acquire-loans-bog\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.ghanamma.com\/2023\/wp-content\/uploads\/2023\/04\/loan.jpg\",\"datePublished\":\"2023-04-10T09:30:29+00:00\",\"dateModified\":\"2023-04-10T09:30:29+00:00\",\"author\":{\"@id\":\"https:\/\/www.ghanamma.com\/2023\/#\/schema\/person\/6f91dab2e50bbbfe895c93e7e84e7f74\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.ghanamma.com\/2023\/04\/10\/borrowers-are-advised-not-to-rush-to-acquire-loans-bog\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.ghanamma.com\/2023\/04\/10\/borrowers-are-advised-not-to-rush-to-acquire-loans-bog\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ghanamma.com\/2023\/04\/10\/borrowers-are-advised-not-to-rush-to-acquire-loans-bog\/#primaryimage\",\"url\":\"https:\/\/www.ghanamma.com\/2023\/wp-content\/uploads\/2023\/04\/loan.jpg\",\"contentUrl\":\"https:\/\/www.ghanamma.com\/2023\/wp-content\/uploads\/2023\/04\/loan.jpg\",\"width\":775,\"height\":517},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.ghanamma.com\/2023\/04\/10\/borrowers-are-advised-not-to-rush-to-acquire-loans-bog\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.ghanamma.com\/2023\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Borrowers are advised not to rush to acquire loans &#8211; BoG\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.ghanamma.com\/2023\/#website\",\"url\":\"https:\/\/www.ghanamma.com\/2023\/\",\"name\":\"Ghanamma.com\",\"description\":\"Ghana mma provides breaking news, top stories in Ghana, Africa, business, entertainment, politics and more.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.ghanamma.com\/2023\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.ghanamma.com\/2023\/#\/schema\/person\/6f91dab2e50bbbfe895c93e7e84e7f74\",\"name\":\"Ghana News\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ghanamma.com\/2023\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"caption\":\"Ghana News\"},\"sameAs\":[\"https:\/\/www.ghanamma.com\/2023\"],\"url\":\"https:\/\/www.ghanamma.com\/2023\/author\/ghanamma\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Borrowers are advised not to rush to acquire loans - BoG - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2023\/04\/10\/borrowers-are-advised-not-to-rush-to-acquire-loans-bog\/","og_locale":"en_US","og_type":"article","og_title":"Borrowers are advised not to rush to acquire loans - BoG - Ghanamma.com","og_description":"File The Bank of Ghana (BoG) has announced to the general public some key issues with regard to loan acquisition and repayment responsibilities and obligations of customers of banks and specialized deposit-taking institutions. The Bank said there was a need for persons to critically assess their loan repayment capabilities prior to obtaining a loan facility. [&hellip;]","og_url":"https:\/\/www.ghanamma.com\/2023\/04\/10\/borrowers-are-advised-not-to-rush-to-acquire-loans-bog\/","og_site_name":"Ghanamma.com","article_published_time":"2023-04-10T09:30:29+00:00","og_image":[{"width":775,"height":517,"url":"https:\/\/www.ghanamma.com\/2023\/wp-content\/uploads\/2023\/04\/loan.jpg","type":"image\/jpeg"}],"author":"Ghana News","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Ghana News","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.ghanamma.com\/2023\/04\/10\/borrowers-are-advised-not-to-rush-to-acquire-loans-bog\/","url":"https:\/\/www.ghanamma.com\/2023\/04\/10\/borrowers-are-advised-not-to-rush-to-acquire-loans-bog\/","name":"Borrowers are advised not to rush to acquire loans - BoG - Ghanamma.com","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2023\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.ghanamma.com\/2023\/04\/10\/borrowers-are-advised-not-to-rush-to-acquire-loans-bog\/#primaryimage"},"image":{"@id":"https:\/\/www.ghanamma.com\/2023\/04\/10\/borrowers-are-advised-not-to-rush-to-acquire-loans-bog\/#primaryimage"},"thumbnailUrl":"https:\/\/www.ghanamma.com\/2023\/wp-content\/uploads\/2023\/04\/loan.jpg","datePublished":"2023-04-10T09:30:29+00:00","dateModified":"2023-04-10T09:30:29+00:00","author":{"@id":"https:\/\/www.ghanamma.com\/2023\/#\/schema\/person\/6f91dab2e50bbbfe895c93e7e84e7f74"},"breadcrumb":{"@id":"https:\/\/www.ghanamma.com\/2023\/04\/10\/borrowers-are-advised-not-to-rush-to-acquire-loans-bog\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ghanamma.com\/2023\/04\/10\/borrowers-are-advised-not-to-rush-to-acquire-loans-bog\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ghanamma.com\/2023\/04\/10\/borrowers-are-advised-not-to-rush-to-acquire-loans-bog\/#primaryimage","url":"https:\/\/www.ghanamma.com\/2023\/wp-content\/uploads\/2023\/04\/loan.jpg","contentUrl":"https:\/\/www.ghanamma.com\/2023\/wp-content\/uploads\/2023\/04\/loan.jpg","width":775,"height":517},{"@type":"BreadcrumbList","@id":"https:\/\/www.ghanamma.com\/2023\/04\/10\/borrowers-are-advised-not-to-rush-to-acquire-loans-bog\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.ghanamma.com\/2023\/"},{"@type":"ListItem","position":2,"name":"Borrowers are advised not to rush to acquire loans &#8211; BoG"}]},{"@type":"WebSite","@id":"https:\/\/www.ghanamma.com\/2023\/#website","url":"https:\/\/www.ghanamma.com\/2023\/","name":"Ghanamma.com","description":"Ghana mma provides breaking news, top stories in Ghana, Africa, business, entertainment, politics and more.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ghanamma.com\/2023\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.ghanamma.com\/2023\/#\/schema\/person\/6f91dab2e50bbbfe895c93e7e84e7f74","name":"Ghana News","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ghanamma.com\/2023\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","caption":"Ghana News"},"sameAs":["https:\/\/www.ghanamma.com\/2023"],"url":"https:\/\/www.ghanamma.com\/2023\/author\/ghanamma\/"}]}},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2023\/wp-json\/wp\/v2\/posts\/56648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2023\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2023\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2023\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2023\/wp-json\/wp\/v2\/comments?post=56648"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2023\/wp-json\/wp\/v2\/posts\/56648\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2023\/wp-json\/wp\/v2\/media\/56649"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2023\/wp-json\/wp\/v2\/media?parent=56648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2023\/wp-json\/wp\/v2\/categories?post=56648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2023\/wp-json\/wp\/v2\/tags?post=56648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}