A staunch member of the New Patriotic Party (NPP), Mr. Isaac Kwain, has charged operators of various financial institutions in the country to be considerate in their loan recovery approach from their customers this Covid-19 season.
Speaking to journalists in Techiman, Bono East Regional capital in an interview, Mr. Kwain Isaac – a leading Communications member of the New Patriotic Party (NPP) said the novel Coronavirus pandemic has affected almost every aspect of the economy globally hence if banks decide to task loan defaulters to pay in full, there would be a lot of arrests because members would not be able to pay what they owe their respective banks.
To buttress his point, he opined that the recovery of loans during this hard time will be close to impossible. He further added how there should be a Memorandum of Understanding between Ghana Union of Traders Association (GUTA), Bank of Ghana (BOG), All Financial Institutions in Ghana, Ministry of Finance, etc so that there would not be any tug of war between financial institutions and their clients during this difficult season.
To end his statement Mr. Kwain said BOG should reduce the interest rate on all loan facilities at Financial Institutions in the country so that during and after the Coronavirus pandemic the economy doesn’t crash.
Source: Nana Sieh Amakye, Classic FM, Techiman – Bono East Region