DON'T TAKE LOANS FOR THE SAKE OF THEM (PAGE 21, OCT 17)

Members of the general public, especially those in the informal sector, have been advised not to take loans when they do not have any need for them.
During this year’s Financial Literacy Week celebration in Takoradi, players in the financial sector took time to explain various financial issues to members of the general public, especially those in the informal sector.
The traders and those present were also told to plan their loans and not to take more than what they required at a time in order to be able to pay them back.
A representative of bankers, Mr Joseph Dadzie, told the participants to cultivate the habit of saving to ensure that money outside the banking halls was made available to the banks for onward investment.
He explained that if funds were channelled through the banking system, the banks would have more for investment, which would not only earn the saver interest but also improve other businesses in terms of loans for their expansion.
“I would, therefore, encourage you to save more and make use of the banks. But you should make sure you understand which type of saving product will best serve your interest,” he said.
Mr Dadzie took the participation through various procedures at the banks and how they could present themselves to the banks.
He also cleared the wrong perceptions the participants had about saving and investments.
Mr Raymond Amanfo, representing the Bank of Ghana, urged members of the public to pay loans contracted on time to enable the institutions to make them available to others.
He also took his time to explain banking rules to the participants and urged them to make use of the Banking Supervision Department of the Bank of Ghana should they have any problem with the banks.
He said it was the dream of the financial institutions to bring the funds outside the banking halls into the main banking system.
“Therefore, if you are treated in a way that you think is unfair, please just write to the central bank and we will investigate and ensure that the right thing is done,” he advised them.
There were other speakers from the rural banks, loan companies and other investment agents.