Nearly 70% of emigrating medical doctors default on their loans – Ghana Association of Banks CEO

The Chief Executive Officer of the Ghana Association of Banks, John Awuah, has revealed that nearly 70% of medical doctors who take loans from local banks and emigrate default on repayment.

Speaking on Joy News’ PM Business Edition with George Wiafe on October 9, he said the development has become a worrying trend within the banking sector.

He explained that many doctors, who are generally regarded as highly credible, take personal loans from banks and leave the country without repaying.

“Let me tell you, we have heard of doctors. These are on the moral pecking order. When you see a medical doctor, you almost 100% assume that they are not fallible. They don’t make mistakes, and things like borrowing and payment will come to them naturally,” he said.

According to him, the situation is being fueled by doctors who migrate abroad for work after securing loans locally.

“Do you know what doctors are doing to the banking system, particularly those who are offshoring their services, like migrating to other jurisdictions to work? They have bank accounts. They use your bank statements.