Disabuse your minds that borrowing is bad - Ghanaians urged

Ghanaians have been urged to disabuse their minds about the fact that borrowing is a bad thing.

Thomas Blankson, Head of Sales, XDS Data, has said that " there are many people in Ghana who do not have any credit history,' this according to him means they are not benefitting fully from the banks they are dealing with.

“What you find in Ghana is that there are a lot of people working but they do not know how to have access to credit, they put money in the bank and the banks give it out as loans to others with interest without them getting the benefit of their deposit”

According to him, what people without credit history can do is to practice ‘cash collateral borrowing'; “you can take a small loan from a bank against your savings and pay over say a period of 6 months and right then your information will be brought to the bureau and there and then you develop a credit history,” he added

Blankson was of the view that, it was about time Ghana’s economy embraced the credit system where people with good credit history can access funds without handling physical cash.

“In advance countries, people have access to credit which makes life a lot more easy and better," he said

Thomas Blankson was speaking at the launch of the public awareness campaign and financial literacy on collateral registry and credit referencing in Accra on Wednesday, April 18.