In an address read on his behalf by Dr Zakari Mumuni, the First Deputy Governor at the 15th anniversary Celebration of the Collateral Registry Department, Dr Asiama said beyond supporting formal banking processes, the Registry had improved access to credit for micro, small and medium-sized enterprises.
He said such enterprises, which often lacked traditional forms of collateral, could now use mobile access like stock receivables and tools of trade to secure credit.
“This is a significant step towards democratizing finance in Ghana. And by unlocking access to credit for the underserved groups, the registry has contributed meaningfully to job creation, business resilience and local economic growth,” he said.
He said before its establishment in February 2010, lending was hampered by information asymmetry, limited data on collateral, and preference for immovable assets.
“The lack of streamlined framework increased the risk for lenders and restricted credit access for business owners without land or building to pledge,” Dr Asiama said.
“The collateral registry addressed these challenges head on, and by creating a centralized platform for the registration of both movable and immovable assets, the registry offered lenders a trusted and transparent system of access to credit, risk, and proof,” he added.
Dr Asiama said the registry had been driving transparency, risk management, and access to credit, adding that it had played a central role in reducing information asymmetry between borrowers and lenders.
“Lenders can now verify in real time whether an asset has been pledged, drastically reducing risk and making credit more accessible. The ability to register and search collateral has improved credit risk management,” he said.
Dr Asiama said financial institutions were able to make better informed lending decisions while borrowers benefited from more predictable and efficient processes.
“Importantly, the registry has also streamlined the enforcement of security interests instead of prolonged court proceedings. Lenders may now obtain a memorandum of no objection from the registry, allowing them to realize security interests more efficiently,” he said, adding that over 4,450 such certificates had been issued.
He said the Bank of Ghana was investing in advanced technologies, including artificial intelligence, to enhance the system’s efficiency, security and user experience.
The Bank is also undertaking policy and regulatory reforms to ensure the legal framework remains agile and responsive to the evolving credit landscape.
The bank will also deepen partnerships with institutions such as the Driver and Vehicle Licensing Authority, the Office of the Registrar of Companies, the Lands Commission, the International Finance Corporation and the Swiss State Secretariat for Economic Affairs to introduce global best practices and technical support to drive further impact.
Head of Collateral Registry Department of the Bank of Ghana, Fred Asiama Koranteng, said the Registry had helped unlock the potential of movable assets, including livestock, equipment, vehicles, inventory as viable forms of collateral.
He said there had been a significant increase in the registration of security interests on the registry platform from 10,413 in 2010 to 1.4 million at the end of 2024, representing an average growth rate of 31.5%.
“The registry, having grown from an emerging outlet to a cornerstone of garnished credit infrastructure, has significantly contributed to the creation of an enabling environment for countless micro-, small-, and medium-sized enterprises to access credit that was once beyond their reach,” he said.
The registry also provided a transparent and reliable platform to assess and manage credit risk, fostering greater confidence in lending against movable and immovable assets, leading to more transparency and trust in the credit administration process.
Mr Koranteng said the online platform had streamlined the process of registering, searching, enforcing, and discharging security interests, thus reducing bureaucratic hurdles and improving efficiency for both lenders and borrowers.
He expressed gratitude to the many stakeholders whose collective efforts and commitment made the success of the Registry possible.
Mr Koranteng said the Registry would remain committed to further innovation, integrating technology, enhancing user experience, and promoting interoperability with other regulators.
“We will intensify our outreach, particularly to rural and underserved communities, and continue to work closely with financial institutions to expand the coverage of their services to the global market,” he added.
Mrs Magdalena Wuest, Acting Head of Cooperation, Swiss State Secretariat for Economic Affairs (SECO), said the collateral registry had facilitated over US$53 billion in financing, transforming lives of thousands of micro- and small- and medium-sized enterprises, which have access loan secured with movable assets, leading to a remarkable progress in financial inclusion for women entrepreneurs.
“The success of Ghana’s collateral registry demonstrates what is possible when we combine strong political will,
technical expertise, and committed partnerships,” she said.
“The legal and regulatory framework improvements, coupled with comprehensive stakeholder training and awareness campaigns, have created a modern, secured lending system that serves as a model for the region and other countries,” Mrs Wuest added.
Senior Country Manager IFC, Kyle Kelhofer, commended Bank of Ghana’s forward looking leadership in establishing the platform to enhance financial inclusion.
The celebration was on the theme: “The Impact of Collateral Registry on Credit Administration and Financial Inclusion in the Economy, Strategy for Improvement in the Next Five Years.”
GNA
