The Bank of Ghana has reported a 455% increase in loan data submissions to credit bureaux in 2023, with an average of 21.2 million loan records submitted monthly by data providers. This is a significant jump from the 3.8 million records submitted in 2022. The details were shared in the Central Bank’s 2023 Annual Credit Activity Report.
A notable 99 percent of these submissions were data on individual borrowers, highlighting a shift towards consumer lending. The rise is largely due to improved reporting of digital loan data to credit bureaux. Savings and loan companies, along with finance houses, led in submitting individual loan data, outpacing both banks and microfinance institutions. However, in the business loan segment, banks continued to dominate, accounting for 67.6 percent of all business-related submissions—a trend that has remained stable over recent years.
Although rural banks and microfinance institutions reported an increase in individual loan submissions, they saw a decline in business loan data. This suggests a growing focus among specialized deposit-taking institutions (SDIs) on payroll and digital loans rather than traditional business lending.
In response to the ongoing problem of dud cheques, the Bank of Ghana has intensified its public education efforts. The campaign aims to raise awareness about the serious consequences of issuing dishonoured cheques, which can negatively impact an individual’s ability to secure future loans. Offenders may face severe penalties, including being barred from accessing credit or issuing cheques for up to three years.
Click on the link to join the OnlineTimesGH News channel for curated, meaningful stories tailored just for
YOU: https://whatsapp.com/channel/0029VajF89Q6WaKprDT5mu2V
About The Author
