The Collateral Registry at the Bank of Ghana has revealed that it registered over 332,000 collateral interests in 2024 alone.
This can be compared to the 10,413 securities and interests logged on its portal in its first year of operations in 2010.
The registry revealed that total collateral interests registered since the Collateral Registry’s establishment was over 1.4 million as of the end of 2024, with an average growth of registrations of 31.5%.
Speaking at the launch of the 15th anniversary of the registry, Registrar Fred Asiamah Koranteng emphasised the registry’s desire is to deepen financial inclusion by expanding its operations into rural economies.
“This is not just a statistic. It’s the story of empowerment, of economic opportunity, and of a better future. The registry, has significantly contributed to the creation of an enabling environment for countless micro-, small-, and medium-sized enterprises to access credit that was once beyond their reach.”
“We will intensify our outreach, particularly to rural and underserved communities, and continue to work closely with financial institutions to expand the coverage of their services to the global market.” Mr. Koranteng, said.
Registering an average of 9,000 securities every week, the establishment of the registry has become an integral part of Ghana’s financial architecture, supporting secured lending.
BoG to Enhance Credit Risk Management
Meanwhile, First Deputy Governor, Dr. Mumuni Zakari stated BoG’s resolve to improve the credit risk management by the adoption of emerging technology and enhancing the existing regulatory framework.
“In the next chapter, innovation and collaboration will be key. We are investing in advance technologies like artificial intelligence.”
On improving the regulatory architecture, Dr. Zakari furthered that the registry will “undertake policy and regulatory reforms to ensure the legal framework remains legal and responsive to the evolving credit landscape.”
The Collateral Registry is a body established pursuant to Section 18 of the Borrowers and Lenders Act, 2020(Act 1052) to principally register security interests and collateral created by borrowers to secure credit facilities provided by lenders.
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