Skip to main content

Bank of Ghana to officially launch Collateral Registry this week


By Fred Yaw Sarpong

The Bank of Ghana, the regulator of the banking industry, will officially launch the Collateral Registry, even though it is currently in operation. This is in order to streamline the activities of the credit delivery market in the country.

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 result of this collaboration 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; and sensitization and awareness creation campaigns on the provisions of the Act 773 and the operations of the registry which are ongoing.

The Collateral Registry was established by Parliament under the Borrowers and Lenders Act, 2008 (Act 773) to principally register charges and collaterals created by borrowers to secure credit facilities provided by lenders.

Apart from registrations, the registry also provides information on the existence of relationships between lenders and borrowers as they relate particularly to movable and immovable collateral’s as well as other ancillary functions.

 Borrowers and Lenders Act 2008 (Ac t 773) enacted by Parliament in 2008 to address the deficiencies in the current legal environment for effective credit delivery by making provisions. It addresses 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.

Since the registry started operation in 2010, provisional measure, registrations of security interests as well as other services rendered by the registry including search requests were carried out in a semi-automated mode.

Before the commencement of this registry, all universal banks in the country which were already connected to the Central Securities Depository (CSD) platform, were allowed to register charges electronically.

Rural Banks, Finance Houses, Savings and Loans Companies, Leasing Companies also registered electronically. All other lenders or representatives were initially registered manually with forms obtained from the Bank of Ghana website hyperlink.



Comments

Popular posts from this blog

Shortage of weighing cards hit major hospitals in Accra

By: Fred Yaw Sarpong- Daily Express There is scarcity of Child Health Records Book (weighing cards), in some major public hospitals in the capital, information reaching the Daily Express indicates. Checks by this paper revealed that while some of the hospitals have being encountering the shortage for about a year now, others started experiencing it six months ago. In place of the Child Health Record Book (weighing card), the nursing mothers are given a single card on which information of children are recorded on it. Those hospitals identified are the Korle Bu Teaching Hospital, Korle Bu Polyclinic, Kaneshie Polyclinic, Adabraka Polyclinic and the Ridge Hospital. At the Korle Bu Teaching Hospital, the nursing mothers are given yellow cards in place of the weighing cards. The Public Relations Secretariat at the Korle Bu Teaching Hospital said such information has not come to their notice and for that matter they cannot comment on it. “We do not have some

90 African Journalists entertain by Disney Africa

By: Fred Yaw Sarpong- Daily Express Mauritius Disney Africa welcomed 90 journalists from across Africa to their first ever showcase to media from the continent, at this year’s Multichoice Africa Content Showcase Extravaganza. On Thursday 3 September, guests received a Disney Movie ticket which gained them entry to the special outdoor screening, set under the stars on the lawns of the idyllic Outrigger Beach Resort in Mauritius . After receiving their own Disney picnic basket and blankets, full of delicious treats and filling food, the guests made their way to the seating area, replete with comfortable chairs and loungers. Once the Disney fans were settled, the vast outdoor screen lit up and the evening’s festivities were well under way. A welcome speech by Deirdre King, Head of Marketing for the Walt Disney Company Africa, preceded the screening of two animated shorts. The first, the Academy Award-nominated Get a Horse, featured Disney favourites like Mickey, Minni

ABL launches chibuku super in Bolgatanga

By: Fred Yaw Sarpong sarpong007@gmail.com Accra Brewery Limited (ABL) has officially launched the Chibuku Super drink at Bolgatanga in the Upper East region with the aim of reaching a lot of customers. Mr. Thomas Nii Ponku, Supervisor in charge of Chibuku Super at ABL told Daily Express that the management decided to launch the Chibuku Super drink in the Upper East region because they’ve realized it is similar to a traditional drink in the region. “Chibuku is like a well developed pito, a traditional drink made from fermented millet or sorghum in the Northern part of Ghana. So the idea is to provide them with similar drink,” he added. Mr. Nii Ponku disclosed this when members of the Institute of Finance and Economic Journalists (IFEJ) toured the facility of ABL to acquaint themselves with the expansion project at the factory. He mentioned that after a feasibility study, they realized there is a potential market for the product in the northern part of Ghana