The Bank of Ghana Headquarters
The Bank of Ghana (BoG) has made a significant decision to increase the minimum paid-up capital for both existing and new Credit Bureaus GH¢500,000 to GH¢6,000,000. This marks a significant 1,100 percent increment.
This change, effective from November 20, 2023, follows section 18 (3) of the Credit Reporting Act, 2007 (Act 726).
According to a statement released by the Bank of Ghana on November 27, existing credit bureaus have until the end of January 2025 to meet the new minimum paid-up capital following which they must always maintain a minimum capital of GH¢6,000,000.
For new credit bureaus or those with pending licence applications, they must meet the increased minimum capital requirement of GH¢6,000,000. This money is expected to be wisely invested in assets determined by the Bank of Ghana.
The Bank of Ghana also warned against non-compliance of the higher capital requirements as the central bank is committed to enforcing regulatory measures as outlined in section 11(1)(e) of the Credit Reporting Act, 2007 (Act 726).
According to the BoG's regulatory statement, the main reason for this change is to strengthen the credit reporting landscape and to enable credit bureaus to invest wisely, enhance their information technology systems, and provide effective credit reporting services in line with the rules of the Credit Reporting Act 726 and its accompanying regulations.
Read the full statement below
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