The Bank of Ghana says it is implementing policy and regulatory reforms to strengthen the legal framework governing its Collateral Registry Department. The move is aimed at aligning the department’s operations with changes in the country’s credit environment.
The Central Bank maintains that the Collateral Registry has become an integral part of Ghana’s financial infrastructure, supporting secured lending and enhancing credit risk management.
At an event marking the registry’s 15th anniversary, First Deputy Governor Dr. Zakari Mumuni, speaking on behalf of the Governor, said the Bank is pursuing additional measures to improve operational efficiency within the department.
“As we look ahead, our vision for the Registry is ambitious. We are investing in advanced technologies- including artificial intelligence, to enhance the system’s efficiency, security, and user experience. We are also undertaking policy and regulatory reforms to ensure the legal framework remains agile and responsive to the evolving credit landscape.
“Furthermore, we will deepen partnerships – with institutions 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 introduce global best practices and technical support to drive further impact,” he said.
Head of Collateral Registry Department of Bank of Ghana, Fred Asiama Koranteng on his part outlined the critical role the registry has played in supporting micro-, small-, and medium-sized enterprises to access credit.
“I am pleased to report that there has been a significant increase in the registration of security interests on the registry platform. For example, in 2010, we registered 10,413 security interest registrations.
“This figure rose to 382,215 registrations for the year 2024. Overall, as at the end of 2024, the registry had registered over 1.4 million security interests, with an average growth rate of 31.5%. Indeed, the registry registers approximately 9,000 security interests every week. This is not just a statistic.
“It’s the story of empowerment, of economic opportunity, and of a better future. The registry, having grown from an emerging outlet to a cornerstone of garnished credit infrastructure, 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. For financial institutions, the registry provides a transparent and reliable platform to assess and manage credit risk,” he added.
