Bank of Ghana, GNCCI hold sensitization workshop on Collateral Registry Act  

The Bank of Ghana (BoG), in collaboration with the Ghana National Chamber of Commerce and Industry (GNCCI), has commenced a four-part sensitization programme aimed at deepening understanding of the Borrowers and Lenders Act, 2020 (Act 1052) and the operations of the Collateral Registry.  

The workshop, which opened in Accra on Tuesday, brought together members of the business community to discuss secured credit transactions, borrowers’ rights, and the practical use of the Collateral Registry system.  

Delivering the keynote address, Mrs. Matilda Asante-Asiedu, Second Deputy Governor of the Bank of Ghana, underscored the strategic importance of the Borrowers and Lenders Act in creating a transparent and inclusive credit environment.  

“The private sector is the lifeblood of our economy. When businesses are empowered with clarity and confidence to borrow and invest, the entire nation progresses,” she said.  

Mrs. Asante-Asiedu explained that the 2020 Act strengthened legal clarity on credit agreements, expanded collateral options, and reinforced borrowers’ rights, including access to pre-agreement information and fair treatment.   

She disclosed that the Collateral Registry had recorded significant growth, with registered borrowers increasing from 27 in 2010 to over 372,000 in 2024, representing more than 1.3 million credit transactions.  

“Women-owned businesses account for 77 percent of this growth, signaling progress in financial inclusion and social equity,” she noted.  

The Deputy Governor urged borrowers to apply loans responsibly and maintain open communication with lenders, stressing that transparency and trust were key to sustaining a robust credit system.   

She also cautioned that borrowers who default intentionally risked being blacklisted under new directives.  

Welcoming participants, Mr. Fred Asiamah-Koranteng, Head of the Collateral Registry Department, commended the GNCCI executives for their commitment to the initiative.   

He said the programme was designed to be interactive and urged participants to ask questions and seek clarity on the provisions of the Act.  

“This is the first in a series of four sessions. Our goal is to ensure that you leave here with a clear understanding of the Collateral Registry and its benefits to borrowers and lenders,” he stated.   

He added that similar training had been organized for judges and the Ghana Police Service, emphasizing the importance of stakeholder engagement in implementing the law.  

Mr. Stephen Miezen, President of GNCCI, lauded the Bank of Ghana for its efforts to promote financial literacy and transparency. He noted that while interest rates were gradually declining, access to credit remained a major challenge for businesses.  

“If credit is affordable but inaccessible, then it becomes a zero-sum game,” he said.   

Mr. Miezen urged the central bank to continue working to make credit more available to businesses, stressing that the sensitization programme would help reduce disputes and enhance lender confidence.  

He highlighted the practical sessions on registration, searches, amendments, and discharges as vital tools for businesses seeking to secure assets and minimize risk.   

“A well-informed business community is essential for reducing loan defaults and stimulating investment,” he added. 

The sensitization programme continues tomorrow and will conclude on December 9, covering different stakeholder groups.   

It forms part of BoG’s mandate under Section 76(h) of Act 1052 to promote financial literacy and protect borrowers.  

Source: GNA   

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