Accra: Dr. Johnson Asiama, Governor of the Bank of Ghana, has highlighted the significant role of the Collateral Registry in expanding financial inclusion within the country. In a speech delivered by Dr. Zakari Mumuni, the First Deputy Governor, during the 15th anniversary celebration of the Collateral Registry Department, Dr. Asiama emphasized the registry’s contribution to improving access to credit for micro, small, and medium-sized enterprises.
According to Ghana News Agency, the Governor noted that these enterprises, often lacking traditional forms of collateral, can now secure credit using mobile access, stock receivables, and tools of trade. Dr. Asiama described this development as a substantial move towards democratizing finance in Ghana, which in turn has facilitated job creation, business resilience, and local economic growth.
Before the establishment of the registry in February 2010, lending practices were hindered by information asymmetry, limited collateral data, and a preference for immovable assets. Dr. Asiama explained that these issues restricted credit access for business owners who did not have land or buildings to pledge as collateral. The Collateral Registry addressed these challenges by creating a centralized platform for registering both movable and immovable assets, offering lenders a trusted and transparent system for accessing credit and managing risk.
Dr. Asiama emphasized that the registry has driven transparency, improved risk management, and enhanced credit access, playing a central role in reducing information asymmetry between borrowers and lenders. He noted that lenders can now verify in real-time if an asset has been pledged, thereby reducing risk and making credit more accessible. The registry has also streamlined the enforcement of security interests, with over 4,450 certificates issued to date.
The Bank of Ghana is investing in advanced technologies, including artificial intelligence, to further enhance the registry’s efficiency, security, and user experience. Additionally, the bank is undertaking policy and regulatory reforms to ensure that the legal framework remains agile and responsive to the evolving credit landscape.
Fred Asiama Koranteng, Head of the Collateral Registry Department, reported a significant increase in the registration of security interests on the platform, from 10,413 in 2010 to 1.4 million by the end of 2024. This growth reflects an average rate of 31.5% and underscores the registry’s role in creating an enabling environment for enterprises to access credit.
The registry has also provided a transparent and reliable platform for assessing and managing credit risk, fostering greater confidence in lending against both movable and immovable assets. Mr. Koranteng expressed gratitude to stakeholders for their collective efforts in making the registry a success and emphasized the commitment to further innovation and outreach, particularly to rural and underserved communities.
Mrs. Magdalena Wuest, Acting Head of Cooperation at the Swiss State Secretariat for Economic Affairs (SECO), highlighted the registry’s role in facilitating over US$53 billion in financing, significantly advancing financial inclusion for women entrepreneurs. She praised Ghana’s collateral registry as a model for the region, citing the combination of strong political will, technical expertise, and committed partnerships as key to its success.
Senior Country Manager of IFC, Kyle Kelhofer, also commended the Bank of Ghana for its forward-looking leadership in establishing the platform to enhance financial inclusion. The celebration was themed “The Impact of Collateral Registry on Credit Administration and Financial Inclusion in the Economy, Strategy for Improvement in the Next Five Years.”