Bank of Ghana Steps Up Financial Literacy Drive on Collateral Registry

By Nii Trebi Hammond

The Bank of Ghana (BoG) has intensified public education on its Collateral Registry, a system that allows individuals and businesses to use both movable and immovable assets to secure loans.

The financial literacy campaign seeks to help Ghanaians understand how the registry works, their rights as borrowers, and how they can use it to access credit responsibly.

Established in February 2010, the Collateral Registry records the interests of lenders in assets pledged by borrowers, ensuring transparency and protecting both parties. The initiative has been described as a major step toward improving access to credit, particularly for small businesses and individuals without land or property titles.

“Financial literacy is the bridge between opportunity and empowerment,” a representative from the BoG’s Collateral Registry Department said. “We want Ghanaians to know that you don’t have to own land before you can take a loan.”

Using What You Have to Get What You Need

Through the registry, borrowers can use a wide range of assets including vehicles, household items, farm produce, equipment, inventories, and even account receivables as collateral.

The BoG says this innovation gives more Ghanaians the chance to access formal loans and reduces reliance on informal moneylenders.

When a borrower uses an asset as collateral, the lender is required to register it in the Collateral Registry System. This registration serves as public notice and provides protection for all parties involved. Borrowers are advised to always request a copy of the registration acknowledgment from their lenders as proof.

Protecting Borrowers and Promoting Transparency

Importantly, the BoG reminds the public that pledging an asset as collateral does not mean transferring ownership to the lender. The lender only gains a security interest, which applies if the borrower defaults.

The registry also makes it possible to check whether a property has already been used as collateral before buying or acquiring it. Ghanaians can conduct searches on the Collateral Registry’s website — www.collateralregistry.gov.gh — using details such as the borrower’s name, ID number, or asset registration code.

Fees for registry services remain modest: GHS 20 for registering a security interest, GHS 10 for searches, and GHS 25 for late registrations. Payments can be made via Mobile Money, AT Money, Telecel Cash, Visa/MasterCard, or at any BoG regional branch.

Driving Financial Inclusion

By increasing awareness about the Collateral Registry, the Bank of Ghana hopes to deepen financial literacy, enhance trust in the credit system, and empower more Ghanaians to use their assets to access credit.

The campaign also underscores the central bank’s commitment to financial inclusion and its broader goal of supporting economic growth through fair and transparent lending.

For many entrepreneurs, this education could open new doors. As one small business owner in Accra noted, “I used to think only land could be collateral. Now I know my equipment has value too.”

The BoG encourages the public to learn more by visiting www.collateralregistry.bog.gov.gh or contacting the Collateral Registry Department at 0302 6661746 or cr@bog.gov.gh