Governor of the Bank of Ghana, Dr. Johnson Asiama, says the Collateral Registry has significantly expanded financial inclusion by enabling Micro, Small, and Medium-Sized Enterprises (MSMEs) to access credit using movable assets.
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Speaking at the Registry’s 15th anniversary celebration in Accra on Wednesday, June 11, Dr. Asiama noted that this innovation has made credit more accessible to underserved groups, reducing reliance on traditional collateral such as land and buildings.
“More than a registry, it has become a tool of empowerment,” he stated.
Before the Registry’s establishment in February 2010, access to credit in Ghana was severely limited by fragmented legal frameworks, poor transparency, and rigid collateral requirements. The Registry, originally established under the Borrowers and Lenders Act, 2008 (Act 773), and now governed by Act 1052 of 2020, has addressed these challenges by centralizing and streamlining collateral registration.
“For small business owners, access to finance was a distant hope. Today, because of the work we celebrate here, more Ghanaians can secure financing using movable assets, from vehicles to machinery to inventory,” Dr. Asiama said.
The Registry allows lenders to verify, in real time, whether an asset has been pledged, improving credit risk management and reducing information asymmetry.
He also emphasized its role in speeding up enforcement of security interests: “Instead of prolonged court proceedings, lenders may now obtain a Memorandum of No Objection from the Registry to realize security interests efficiently. Over 4,450 such certificates have been issued.”
Dr. Asiama concluded that the Registry has helped create jobs, build resilient businesses, and boost local economic growth, marking a significant milestone in Ghana’s credit ecosystem.
