Search collateral status of property before buying or hiring – BoG warns public

MR .Alexander Koomson, Assists director bank of Ghana-collateral registry department

The Assistant Director of the Bank of Ghana – Collateral Registry Department, Mr. Alexander Koomson, has cautioned the public to search for the collateral status of any property before hiring or buying it.

According to him, if the owner has used the property as collateral and fails to repay a loan, the bank has the right to sell the property in question.

He gave the caution when the Bank of Ghana, in collaboration with the Association of Ghana Industries (AGI), organized a sensitization programme for business owners in the Ashanti Region.

The programme was aimed at deepening participants’ understanding of the Borrowers and Lenders Act, 2020 (Act 1052) and the operations of the Collateral Registry.

Mr. Koomson explained that the Registry publishes properties used as collateral, which allows prospective buyers or hirers to verify whether a property has already been pledged.

He therefore urged the public to take advantage of the system to avoid legal complications associated with collateral properties.

Source: Ghana/otecmfhana.com/Jacob Agyenim Boateng