70% of migrant doctors default on loans – Ghana Association of Banks CEO

The Chief Executive Officer of the Ghana Association of Banks, John Awuah, has raised an alarm over a growing trend of loan defaults among medical doctors who migrate abroad after borrowing from local banks.

According to him, nearly 70% of doctors who secure personal loans and subsequently emigrate fail to repay their debts, despite being gainfully employed overseas.

Speaking in an interview, Mr. Awuah expressed concern that a profession traditionally seen as credible and trustworthy is now at the center of a serious challenge for the banking sector.

“Doctors are high on the moral scale. When you see a medical doctor, you almost assume they won’t default. But many of them take personal loans, sometimes GH¢120,000 to GH¢150,000 use bank statements to secure visas, leave the country, and abandon repayment,” he revealed.

He stressed that although these doctors earn decent incomes abroad, most do not attempt to settle their liabilities in Ghana.

“One would expect that as professionals, they would acknowledge the debt that helped them travel. But about 70% of them are not paying,” he added.

The situation, he said, has deeply unsettled the banks, which did not expect such conduct from professionals held in such high regard.

“At one point, we even considered writing to embassies to demand bank clearance before visas are issued,” he disclosed.

Mr. Awuah further revealed that the Association of Banks is collaborating with the Ministry of Foreign Affairs to address the issue through diplomatic channels.

“We have already initiated discussions, and a formal letter is with the Ministry to engage the diplomatic corps. But this is only a reactive measure,” he explained.