The Bank of Ghana (BoG) has announced plans to integrate advanced technological solutions, including artificial intelligence (AI), into the operations of its Collateral Registry. The move is part of broader efforts to enhance the registry’s efficiency, security, and user experience, aligning it with international best practices and preparing it for the evolving needs of the credit market.
The technology deployment will precede comprehensive policy and regulatory reforms, aimed at ensuring that Ghana’s legal framework remains agile, responsive, and capable of supporting innovation in the credit space.
As part of this modernization drive, the Bank will strengthen partnerships with key national and international institutions, including the Driver and Vehicle Licensing Authority (DVLA), the Office of the Registrar of Companies, the Land Submission International Finance Corporation, and the Swiss State Secretariat for Economic Affairs (SECO). These collaborations are expected to leverage global expertise and technical support to deliver measurable impact.
A Decade and a Half of Progress
The announcement was made during the 15th anniversary celebration of the Collateral Registry Department in Accra on Wednesday, June 11. Speaking at the event, First Deputy Governor of the Bank of Ghana, Dr. Zakari Mumuni, reflected on the registry’s transformative journey since its establishment in February 2010.
Originally created under the Borrowers and Lenders Act, 2008 (Act 773)—later replaced by the 2020 Act (Act 1052)—the registry was designed to address inefficiencies in Ghana’s secured credit system, where a fragmented legal framework and reliance on immovable collateral hindered lending.
“Prior to the registry’s establishment, access to credit was limited by information gaps, an underdeveloped data infrastructure, and a bias toward land and buildings as collateral,” Dr. Mumuni explained. “The Collateral Registry has changed that. By centralizing the registration of both movable and immovable assets, it provides lenders with a transparent and trusted tool for assessing credit risk and securing their interests.”
Expanding Access to Credit
Dr. Mumuni noted that the registry has had a profound impact on financial inclusion, particularly for small and medium-sized enterprises (SMEs) that previously lacked access to formal credit. “Today, more Ghanaians are able to secure loans using movable assets such as vehicles, machinery, and inventory,” he stated.
He emphasized that the registry not only functions as a risk mitigation tool but also serves as a platform for economic empowerment, contributing to Ghana’s broader financial development goals.
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Record Growth and Milestones
Fred Asiama Koranteng, Head of the Collateral Registry Department, shared the registry’s performance metrics, highlighting significant growth since inception. “In 2010, we registered just 10,413 security interests. By the end of 2024, this number had risen to over 1.4 million, with 382,215 registrations in 2024 alone,” he revealed.
Currently, the registry processes an average of 9,000 security interest registrations per week, reflecting increasing confidence and usage across the financial ecosystem. “These figures tell a powerful story—not just of growth—but of opportunity, empowerment, and a stronger credit infrastructure,” Koranteng said.
He added that the registry’s evolution from a nascent platform to a cornerstone of Ghana’s secured lending system has helped unlock the value of movable assets—ranging from livestock and vehicles to equipment and inventory—enabling more individuals and businesses to participate in the formal credit market.
Looking Ahead
As the Bank of Ghana moves to integrate AI and other cutting-edge technologies into the Collateral Registry, it signals a forward-looking approach to regulatory innovation and private sector support. With continuous improvements in efficiency, security, and transparency, the registry is poised to remain a critical enabler of inclusive finance and sustainable economic growth in Ghana.
