The Bank of Ghana (BoG) in a notice issued on Monday, April 19, 2021, has outlined rules and procedures needed for the effective implementation of the Borrowers and Lenders Act, 2020 (Act 1052) by banks, non-bank financial institutions, and Specialised Deposit-Taking Institutions (SDIs) in the country.
According to the BoG, the rules and procedures outlined are pursuant to section 77 of the Borrowers and Lenders Act.
The BoG in the notice defined institutions/persons that qualify to be a lender or borrower as well as the various registration processes to be undertaken to be identified as a lender or borrower under the Act.
The Central Bank among others deliberated on how collaterals and defaults in loan repayment by borrowers should be documented by banks, SDIs and all other non-bank financial institutions.
Read below details of the notice:
BoG Rules for Effective Implementation of Borrowing and Lenders Act 2020 -20th April 2021 by Fuaad Dodoo on Scribd
