Repay Your Loans To Avoid Higher Interest Rates – Former Deputy Governor Warns Businesses
In a compelling address at the Pentpreneur Conference 2025, the immediate past First Deputy Governor of the Bank of Ghana, Dr Maxwell Opoku-Afari, stressed the need for businesses to repay their loans.
‘When you go to the bank to borrow, it is not for free—pay. If you don’t pay, you pay in another way,’ he said.
Speaking on the theme, ‘The Impact of the Ghanaian and Global Economy on Businesses,’ Dr Opoku-Afari highlighted the detrimental effects of non-performing loans on the economy and future borrowing costs.
Dr Opoku-Afari explained that when businesses fail to repay their loans, banks are forced to incorporate these unpaid loans into the calculation of future loan rates. This practice inevitably leads to higher interest rates for all borrowers, making it more expensive for bu...
