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Collateral registry services fees increased




Adnan Adams Mohammed


The Bank of Ghana has announced that it has reviewed the fees for collateral registry services effective 1 July 2021.


All banks, specialised deposit-taking institutions, non-bank financial institutions and the general public have been asked to take note and be guided accordingly.


Pursuant to Section 77 of the Borrowers and Lenders Act, 2020 (Act 1052) and further to its Notice No. BG/GOV/SEC/2021/07 dated 19 April 2021, it is announcing for the information of all banks, specialised deposit-taking institutions, non-bank financial institutions and the general public that with effect from 1 July 2021, the fees for the services of the collateral registry shall be as follows:


“Registration of Secured Interest is now GH¢20.00 and Searches are now GH¢10.00”, the central bank  in a statement noted.


Under the statutory Mandate of the Borrowers and Lenders Act 2008 (Act) 773, the Bank of Ghana operationalized the establishment of the Ghana Collateral Registry on 1st February 2010, to register charges and collaterals created by borrowers, to secure credit facilities provided by lenders. This was pursuant to its mandate to regulate, supervise and direct the banking and credit system, and ensure the smooth operation of the financial sector.


Some of the services of the Collateral Registry includes: Registration of Security Interests

(The Collateral Registry provides a user-friendly online platform for the registration of security interests); Searches (We facilitate searches on registered security interests using our easy-to-use online platform); Realisation of security interest (We facilitate the realisation of assets upon default by a borrower); and Post Registration Activities (Our online platform supports a wide range of post-registration activities so as to ensure security interests are up-to-date).


The Collateral Registry is one of the innovations in the credit market introduced by the Bank of Ghana to reduce information asymmetry between borrowers and lenders in credit transactions. To this end, the Collateral Registry is equipped with the requisite legal framework and technologies to facilitate the registration of notices of security interests, searches on assets pledged as collateral to ascertain their level of encumbrance and enforcement of collateral upon default by borrowers.


Registered users can log into the Collateral Registry Application Software (CRAS) to patronize the services offered by the Registry. Clients who do not have user accounts can use the search module on the CRAS to gain access to information on assets pledged as collateral.


As the first Secured Transactions Registry on the African continent, the Collateral Registry remains on course to achieve its mission of creating an enabling environment to promote easy access to credit. The Collateral Registry combines professionalism, responsiveness and leadership in delivering an effective and efficient service to its cherished stakeholders.


The establishment of the Collateral Registry at the Bank of Ghana, as mandated under the Borrowers and Lenders Act 2020 (Act 1052) is indeed a welcomed innovation to credit delivery in Ghana.


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