BoG reports sharp rise in collateral registrations in second quarter of 2024

The number of collateral registrations recorded in the second quarter of 2024 surged to 80,873, according to the Bank of Ghana’s latest Collateral Registry Quarterly Brief.

This marks a 59.5% year-on-year increase compared to the 50,695 registrations in the same period in 2023.

Savings and Loans Companies led the registrations, accounting for 69,328 in Q2 2024—a 74.2% rise from the 39,796 recorded in the corresponding quarter of 2023. Rural and Community Banks (RCBs) also saw a notable increase, with registrations rising by 28.7%, from 6,019 in Q2 2023 to 7,747 in Q2 2024.

However, banks experienced a substantial decline in registrations, falling by 43.4% from 2,534 in Q2 2023 to 1,433 in Q2 2024. Leasing Companies recorded the lowest number of registrations, with just four during the review period.

The total number of searches conducted at the Collateral Registry in Q2 2024 rose by 10.1% year-on-year, reaching 15,617 compared to 14,184 in Q2 2023. Savings and Loans Companies accounted for the majority of searches, making up 74.1%, followed by RCBs at 17.6%, and banks at 4.6%.

Microfinance Institutions and Micro Credit Companies conducted the least number of searches, with shares of 0.8% and 0.1%, respectively. Other lending institutions and the general public accounted for the remaining 2.7% of searches during the second quarter of 2024.