Bank of Ghana Governor Dr. Johnson Pandit Asiama has hailed the Collateral Registry as a transformative force in Ghana’s financial sector, calling it a “quiet but powerful enabler” of financial inclusion during its 15th-anniversary commemoration.
Delivering the governor’s keynote address in Accra, First Deputy Governor Dr. Zakari Mumuni emphasized how the Registry has broadened credit access by allowing movable assets—such as vehicles, inventory, and machinery—to serve as loan collateral. “Fifteen years ago, credit was out of reach for many small businesses. Today, more Ghanaians can secure financing by leveraging movable assets,” the statement noted.
Established in 2010 under the Borrowers and Lenders Act and later reinforced by Act 1052 in 2020, the Registry was designed to overcome a fragmented lending system that once excluded micro and small enterprises. It now serves as a centralized platform for real-time collateral registration and verification, reducing lender risk and improving transparency.
“The Registry has enhanced credit risk management, enabling fairer and more predictable lending processes,” Dr. Mumuni added. Since its inception, the system has facilitated over 4,450 “Memoranda of No Objection,” expediting asset recovery for lenders without protracted court proceedings.
A major achievement has been expanding credit access for MSMEs that lack traditional collateral like land or buildings. “By serving underserved groups, the Registry has spurred job creation, business resilience, and local economic growth,” the governor’s statement highlighted.
Looking forward, the Bank of Ghana plans to integrate artificial intelligence and digital upgrades into the Registry while strengthening partnerships with agencies like the DVLA, Lands Commission, and international backers such as the IFC and Switzerland’s SECO.
“As we celebrate this milestone, we must ensure credit access becomes a pathway to opportunity—for every entrepreneur, farmer, and innovator,” Dr. Asiama’s message concluded.
