Bank of Ghana set to launch newly redesigned Collateral Registry

The Bank of Ghana (BoG) is set to unveil the newly redesigned Collateral Registry May 8, 2013 in Accra, officials of the central bank have said.

Previously, the BoG was running the Registry in a semi-automated mode but it has redesigned the Registry’s operations and systems to conform to international best practices.

“Through a collaborative effort with the International Finance Corporation [IFC] and the Swiss State Secretariat for Economic Affairs [SECO], the  Bank of Ghana has redesigned the Registry’s operations and systems to conform to international best practices,” the BoG said May 2, 2013 in an invitation note to the media.

The result of the collaboration, according to the BoG has led to the Adoption and publication of Rules and Regulations for effective implementation of Act 773; Draft amendments of the Borrowers and Lenders Act 2008 [Act 773]; The development of an automated web-based Collateral Registry System; Sensitization and awareness creation campaigns on the provisions of the Act 773 and the operations of the Registry which are ongoing.

In order to streamline the activities of the credit delivery market in the country, the Parliament of Ghana in December, 2008 enacted the Borrowers and Lenders Act 2008 [Ac t 773] to address the deficiencies in the current legal environment for effective credit delivery by making provision for a legal framework for credit; Standards of disclosure of information by borrowers and lenders; Prohibiting credit practices; and Promoting a consistent credit enforcement framework and related matters in the credit market.

In furtherance of the Bank of Ghana’s mandate under the Act to establish a Collateral Registry, a functional Registry commenced operations on February 1, 2010, it said.

By Ekow Quandzie