Consolidated Bank has reaffirmed its commitment to the GWYESCO Programme while making it clear that funds disbursed under the initiative are loans that must be repaid, not free money.
Speaking at the programme held at GNAT Hall in Bolgatanga, Isaac Laari, Regional Manager for the Northern Sector of Consolidated Bank, said the bank, as a Participative Financial Institution, is fully committed to supporting the scheme. He emphasised that the funds would only be given to beneficiaries who demonstrate the capacity to repay.
“These funds are loans, not free money,” Laari stated. “They will be given to beneficiaries who have the capacity to repay.”
He highlighted that one of the most critical factors in the bank’s assessment is the intended use of the money. The funds, he said, must be invested in businesses capable of generating income and should not be used for consumption or unrelated personal expenses.
“The area in which you invest the money is therefore very key,” he noted.
To ease repayment, Laari explained that the bank would structure the loans to match each beneficiary’s cash flow. Farmers, for instance, could have repayments aligned with the harvesting season, while those whose businesses generate daily revenue could benefit from monthly repayment plans that suit their operations.
On recovery, the Regional Manager said field officers would engage beneficiaries regularly rather than waiting until the end of the month. For those on monthly repayment schedules, officers would follow up daily or weekly to ensure the necessary funds are available.
Laari also encouraged beneficiaries whose projects generate income ahead of the repayment date to deposit the money into their accounts or recycle it so they are prepared when the loan falls due.
He thanked participants for their attention and reiterated the bank’s readiness to support the programme under clear repayment terms.
Source: Mybluewavesonline.Com/ Maurice Duncan/ Bolgatanga
