The Bank of Ghana is investing in relevant technology to improve upon the work of the Collateral Registry as it seeks enhance the nation’s credit ecosystem. Speaking on behalf of Governor Dr. Johnson Pandit Asiama at the 15th anniversary of the Registry, First Deputy Governor Dr. Zakari Mumuni unveiled a roadmap focused on technological innovation and institutional collaboration.
“We are investing in advanced technologies including artificial intelligence to enhance the system’s efficiency, security, and user experience,” Dr. Mumuni stated. This move reflects the Bank’s intent to future-proof the Registry and expand access to credit for individuals and businesses across Ghana.
Since its establishment under the Borrowers and Lenders Act in 2010, the Collateral Registry has become a central pillar of Ghana’s financial system, facilitating the use of movable assets such as vehicles, inventory, and receivables as collateral. This has played a vital role in boosting credit access, especially for MSMEs, and in promoting financial inclusion.
The Deputy Governor also emphasized the importance of strategic partnerships to elevate the Registry’s impact.
“We will deepen partnerships with institutions such as the DVLA, the Office of the Registrar of Companies, the Lands Commission, and global partners like the IFC and SECO, to introduce global best practices and technical support,” he said.
To date, the Registry has issued over 4,450 “Memoranda of No Objection,” enabling lenders to enforce security interests efficiently and helping to reduce credit risk across the banking sector.
As Ghana prepares for the next phase of digital finance, the Registry’s modernization signals a renewed commitment to building a resilient, inclusive financial infrastructure one that empowers entrepreneurs and strengthens economic growth across all sectors.
