DEBT COLLECTION IN GHANA

In many countries worldwide, dealing with the collection of payments can be considered a complicated task. For many B2B companies, it is extremely difficult to handle this problem on its own. A recent study has shown that in many parts of Africa businesses struggle with debt collection and recovery due to various reasons. In particular, commercial companies of Ghana tend to deal with this problem more than others.

CIS DRS reserach team has monitored how companies in Ghana tend to deal with debt collection. As a result, many companies instead of collecting late payments on their own outsource debt collection to agencies. Of course, there are still entities, which prefer to settle the issue in local courts, which in practice is less efficient. That is why many large, middle-sized and small companies tend to outsource debt collection agencies to ensure the safe return of their funds while focusing on more important tasks.

Debt collection in Ghana has its particular complications. Nevertheless, our well-established approach in handling debt cases helps us to understand all the specifics of the situation to achieve the best result. CIS DRS has developed a particular set of steps which we apply for debt collection in Ghana.

Our investigation department monitors any legal changes in the region where the company of a debtor is registered. We also check the insolvency status of the company and draft our strategy. Having gathered the necessary information, we send a letter of demand informing the company of outstanding payments. Lawyers from the negotiation teams use various techniques and approaches to settle for the best deal. In case it is impossible to come to terms with the debtor, we draft a proposal with a court recovery of the debt.

It is extremely important for companies to carry out each task within the deadline to achieve the best result in B2B. Unfortunately, when it comes to partners and payments it could become troublesome to monitor all payments and most importantly to recover late payments. That is why outsourcing a debt collection agency is the best solution in such a situation.

This kind of solution has several advantages. Firstly, it is time-saving as many businesses worldwide and in Ghana especially have to perform numerous tasks. In order to concentrate on them, it is easier to leave debt collection to professionals. Secondly, it is more efficient as there would be no need to hire additional employees for the performance of such tasks. And last but not least it helps companies to stay afloat as late payments will be returned.

CIS DRS understand all the complications and importance of debt collection in Ghana. Our lawyers are up-to-date with any changes in legislation as well as in business practices. English is an official language, however, many people speak different languages in Ghana and our lawyers are able to conduct negotiations and communicate with the debtors in any language convenient to them. With our years of experience, we manage to provide excellent client service to our clients and protect their reputations while collecting the payments. For more information, please do not hesitate to contact us by filing the form below.