The Bank of Ghana has announced that it is enacting policy and regulatory reforms to enhance the legal framework that governs its Collateral Registry Department. This initiative aims to align the department’s functions with the evolving credit landscape in the country.
The Central Bank asserts that the Collateral Registry has become a vital component of Ghana’s financial infrastructure, facilitating secured lending and improving credit risk management.
During an event commemorating the registry’s 15th anniversary, First Deputy Governor Dr. Zakari Mumuni, representing the Governor, stated that the Bank is implementing further measures to boost operational efficiency within the department.
“As we look to the future, our vision for the Registry is ambitious. We are investing in cutting-edge technologies, including artificial intelligence, to improve the system’s efficiency, security, and user experience. Additionally, we are undertaking policy and regulatory reforms to ensure that the legal framework remains flexible and responsive to the changing credit environment.
“Moreover, we will strengthen partnerships with organizations such as the Driver and Vehicle Licensing Authority (DVLA), the Office of the Registrar of Companies (ORC), the Lands Commission, the International Finance Corporation (IFC), and the Swiss State Secretariat for Economic Affairs (SECO). These collaborations will bring in global best practices and technical assistance to enhance our impact,” he remarked.
Fred Asiama Koranteng, Head of the Collateral Registry Department at the Bank of Ghana, highlighted the essential role the registry has played in enabling micro-, small–, and medium-sized enterprises to secure credit.
“I am pleased to share that there has been a notable increase in the registration of security interests on the registry platform. For instance, in 2010, we recorded 10,413 security interest registrations.
This figure increased to 382,215 registrations for the year 2024.
Overall, by the conclusion of 2024, the registry had recorded over 1.4 million security interests, achieving an average growth rate of 31.5%. In fact, the registry processes approximately 9,000 security interests each week. This is more than just a statistic.
“It represents a narrative of empowerment, economic opportunity, and a brighter future.
The registry has evolved from a nascent platform to a fundamental component of the secured credit infrastructure, playing a crucial role in fostering an environment that enables numerous micro-, small-, and medium-sized enterprises to obtain credit that was previously inaccessible.
For financial institutions, the registry offers a clear and dependable platform for evaluating and managing credit risk,” he remarked.
