Incredible but true: How a man of God found favor despite having acted in bad faith regarding a past credit transaction
For now, we will refer to him as ‘Reverend Asomasi’. He pastors a branch of a very popular Ghanaian Church, located in the Ashanti region. He is one customer whom we have come to trust over the years. His forthrightness, and penchant for unsolicited disclosure of risks, serve as the bedrock for this trusting relationship. Married to a very supportive wife and blessed with a child, Rev. Asomasi currently runs a procurement business supplying essential inputs to mining companies on a contractual basis. YieldRock periodically provides financing for such LPO contracts.
But things weren’t always like this…
Our first engagement with Rev. started in December 2019. YieldRock arranged an on-lending facility for him. Repayment started in earnest around February 2020. Unfortunately, COVID-19 restrictions were announced in March 2020, which caused a lot of debtors to default, having obtained a legitimate excuse. When Osofo defaulted, it came to light thereafter, that he diverted the loan toward an unapproved end. The series of remedial actions that followed included the threat of legal action, publications, and other reliefs enabled by the credit agreement. Long story short, the facility was restructured, after the renegotiation of terms. Later, it came to light, that Osofo considered committing suicide as a result of the incident because he couldn’t bear the shame of the public ridicule that our recovery efforts would have occasioned.