EPCG Ghana: GH¢11.7m Debt Cleared as Outgoing Moderator Calls for Borrowing Controls

• The Evangelical Presbyterian Church, Ghana (EPCG) has paid over GH¢11.7 million towards its inherited debt.
• The church's debt repayment exceeds the initial GH¢7.2 million debt burden it assumed.
• Outgoing Moderator Right Rev. Dr. Lt. Col. Bliss Divine Kofi Agbeko (Rtd.) called for tighter controls on borrowing within the church.
• Lawyers advising churches may want to review their clients' borrowing practices in light of the EPCG's experience.

The repayment of this substantial debt is a testament to the church's commitment to financial responsibility and transparency.

The Evangelical Presbyterian Church, Ghana (EPCG) has made significant progress in paying off its inherited debt. According to the outgoing Moderator of the General Assembly, Right Rev. Dr. Lt. Col. Bliss Divine Kofi Agbeko (Rtd.), the church has paid more than GH¢11.7 million towards debts it assumed when he took office. This amount exceeds the initial GH¢7.2 million debt burden inherited by the administration.

The repayment of this substantial debt is a testament to the church's commitment to financial responsibility and transparency.

In his final address at the official opening of the General Assembly, Right Rev. Dr. Lt. Col. Bliss Divine Kofi Agbeko (Rtd.) emphasized the need for tighter controls on borrowing within the church. He noted that while the repayment of debts is a significant achievement, it highlights the importance of prudent financial management and responsible borrowing practices.

The outgoing moderator's call for stricter controls on borrowing serves as a reminder to churches in Ghana to prioritize sound financial management and ensure compliance with relevant regulations.

Lawyers advising churches on financial management may want to review their clients' borrowing practices in light of the EPCG's experience. The church's significant debt repayment and the outgoing moderator's call for tighter controls on borrowing underscore the importance of prudent financial management and responsible borrowing practices.

Churches in Ghana must prioritize sound financial management, including regular audits, transparent budgeting, and adherence to relevant regulations to avoid accumulating unsustainable debts.

Lawyers advising churches on financial management may want to review their clients' borrowing practices and ensure compliance with relevant regulations, particularly in light of the outgoing moderator's call for tighter controls.

Source: Original reporting via The Evangelical Presbyterian Church, Ghana (EPCG) press release