The Bank of Ghana has outlined an ambitious vision for the future of the country’s Collateral Registry, focusing on digitization, regulatory reforms, and deeper collaboration with both local and international partners.
This announcement was made during a keynote address delivered by First Deputy Governor, Dr. Zakari Mumuni, on behalf of the Governor, Dr. Johnson Pandit Asiama, at the Registry’s 15th anniversary celebration held at the Alisa Hotel on June 11.
Established in February 2010, the Collateral Registry was created to address longstanding barriers to credit access in Ghana, particularly for micro, small, and medium-sized enterprises (MSMEs).
Over the past decade and a half, it has played a transformative role in expanding financial inclusion by allowing borrowers to use movable assets—such as inventory, receivables, and machinery—as collateral.
“Fifteen years ago, access to credit in Ghana was often constrained by rigid collateral systems, fragmented legal frameworks, and limited transparency.”
“Today, because of the work we celebrate here, more Ghanaians can secure financing using movable assets – from vehicles to machinery to inventory,” Dr. Mumuni stated.
The Registry operates under the Borrowers and Lenders Act, originally passed in 2008 and updated in 2020. According to the Bank, the centralized system has made it easier for lenders to assess credit risk, verify the use of pledged assets, and enforce security interests with more efficiency.
To date, the Registry has issued more than 4,450 certificates of Memorandum of No Objection, a mechanism that facilitates lenders’ ability to realize security interests without prolonged legal proceedings.
Looking ahead, Dr. Mumuni noted that the Bank is “investing in advanced technologies, including artificial intelligence to enhance the system’s efficiency, security, and user experience.”
He also highlighted the importance of ensuring that legal and regulatory frameworks evolve alongside the financial ecosystem, stating, “We are undertaking policy and regulatory reforms to ensure the legal framework remains agile and responsive.”
In addition to technological upgrades, the Bank of Ghana is pursuing collaborative partnerships with institutions such as the DVLA, the Office of the Registrar of Companies, the Lands Commission, the International Finance Corporation (IFC), and Switzerland’s State Secretariat for Economic Affairs (SECO).
These partnerships are expected to infuse global best practices and technical assistance into the ongoing modernisation of the Registry.
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