Security interest registrations on Ghana’s Collateral Registry fell sharply by 32.2% in the second quarter of 2026, driven primarily by a steep decline in registrations by Savings and Loans Companies, even as the total value of secured credit surged by 73.4%, the Bank of Ghana has revealed in its Second Quarter Brief on the 2026 Collateral Registry.
The number of security interests registered dropped to 92,033 in the second quarter of 2026 from 135,721 in the same period of 2025. The decline was overwhelmingly attributable to Savings and Loans Companies (S&Ls), whose registrations plummeted 42.4%, from 119,649 in Q2 2025 to 68,871 in Q2 2026. The contraction in S&L registrations alone accounted for the bulk of the overall decline, with the sector’s retreat from secured lending activity leaving a significant void in registration volumes.
The divergence between registration volumes and secured credit value paints a picture of a credit market undergoing structural change. While far fewer loans were registered, the ones that were registered carried substantially higher values — GH¢31.5 billion in total secured credit, compared with GH¢18.2 billion a year earlier. Banks drove this increase, registering GH¢19.9 billion, or 63.1% of the total, a 36.6% rise over the GH¢14.5 billion recorded in Q2 2025. This suggests that secured lending is consolidating around larger, better-capitalised institutions extending larger facilities to fewer borrowers.
Savings and Loans Sector in Retreat
The dramatic fall in S&L registrations is consistent with the broader distress afflicting Ghana’s specialised deposit-taking institutions (SDIs). The sector has been under sustained pressure, with nearly half of SDIs reported to be insolvent as of mid-2026, prompting the International Monetary Fund to demand faster reforms to contain financial stability risks and limit future fiscal costs. The collapse of institutions such as Equity Savings and Loans, which left thousands of depositors unable to access their funds, has eroded confidence in the sub-sector and constrained its capacity to extend secured credit.
The Bank of Ghana’s broader banking sector clean-up, which began in 2017 and saw the revocation of licences of several S&L companies, has continued to reshape the financial landscape. The residual effects — including the loss of thousands of jobs and the disruption of lending relationships — have weighed heavily on the S&L sector’s ability to register new security interests. As larger banks absorb a greater share of secured lending, the registration data reflects a market where smaller lenders are increasingly marginalised.
Search Activity Rises, Signalling Stronger Due Diligence
In contrast to the decline in registrations, search activity on the Collateral Registry Application System (CRAS) increased by 13.9%, with 90,518 searches conducted during the review period, up from 17,140 searches in Q2 2025. Quarter-on-quarter, searches rose 8.7%, from 17,955 in Q1 2026 to 19,518 in Q2 2026.
The rise in searches indicates stronger use of the Registry’s platform by lenders and other stakeholders, contributing to improved credit due diligence and reduced information asymmetry. The Bank of Ghana attributed the increase to intensified sensitisation and training activities by the Registry, which have expanded awareness of the platform’s utility beyond the traditional lending community.
Savings and Loans Companies accounted for the largest share of searches, recording 12,397 searches — a year-on-year increase of 3.6% compared with 11,968 searches in Q2 2025. The fact that S&Ls conducted more searches while registering far fewer security interests suggests a more cautious posture: lenders in the sub-sector appear to be prioritising due diligence over new lending, potentially in response to heightened regulatory scrutiny and deteriorating asset quality.
The Bank of Ghana has expanded its outreach to professional groups, including the Ghana Association of Real Estate Brokers, training property brokers on how to conduct searches through the Collateral Registry to reduce the risk of disputed or improperly marketed properties. The central bank has also warned buyers of vehicles and real estate to verify asset status through the Registry before completing transactions, noting that failure to do so is driving a growing number of disputes and litigation.
A Registry at the Heart of Ghana’s Credit Architecture
The Collateral Registry, established by the Bank of Ghana on 1 February 2010 under the Borrowers and Lenders Act, 2008 (Act 773), was the first of its kind in Africa. It was later reinforced by the Borrowers and Lenders Act, 2020 (Act 1052), which deepened legal clarity on credit agreements, security interests, and priority rules, and expanded the types of movable assets that could be pledged as collateral.
The Registry’s core function is to register security interests created by borrowers to secure credit facilities, providing a centralised, web-based platform — CRAS — for lenders to establish priority over pledged assets and for buyers to verify whether assets are encumbered. Over 1.3 million borrowers have been registered cumulatively since inception, with women and women-owned businesses accounting for nearly 77% of secured borrowers between 2010 and 2024 — a striking marker of financial inclusion.
The Registry has been particularly transformative for micro, small, and medium-sized enterprises, which account for the vast majority of Ghanaian businesses but often lack traditional collateral such as land or buildings. By allowing movable assets — inventory, receivables, equipment, vehicles — to serve as collateral, the Registry has widened access to credit for enterprises that would otherwise be excluded from formal lending. The International Finance Corporation has worked closely with the Bank of Ghana to modernise the Registry and expand its reach to MSMEs, including women-owned enterprises.
Fees to Rise Amid Modernisation Push
The Bank of Ghana is set to increase fees for Collateral Registry services from 1 November 2026. Registration of secured interest will rise from GH¢20 to GH¢30, late registration from GH¢25 to GH¢50, and searches from GH¢10 to GH¢15. The central bank has also announced plans to deploy advanced technology-based solutions, including artificial intelligence, to enhance the efficiency, security, and user experience of the Registry system.
The fee adjustment and technological upgrade come as the Bank of Ghana seeks to balance the Registry’s dual mandate of facilitating access to credit and ensuring the integrity of the secured transactions framework. While higher fees could marginally increase the cost of registering security interests, the Bank has indicated that the revenue will support the modernisation of the platform and the expansion of its sensitisation programmes.
Looking Ahead
The second-quarter data reveal a secured lending market in transition. Registration volumes are declining, driven by the retreat of Savings and Loans Companies, but the value of secured credit is rising sharply as banks — particularly foreign-controlled institutions, which accounted for 71.1% of bank-registered secured credit — extend larger facilities. Search activity is growing, indicating that lenders and asset buyers are making greater use of the Registry’s due diligence tools.
For the Bank of Ghana, the challenge is twofold: sustaining the momentum in secured lending value while addressing the contraction in registration volumes, particularly among non-bank lenders; and ensuring that the Registry’s modernisation and sensitisation efforts continue to broaden access to credit for the MSMEs and women-owned businesses that have been the primary beneficiaries of Ghana’s secured transactions reforms. The coming quarters will reveal whether the current divergence between volume and value represents a temporary adjustment or a more lasting structural shift in Ghana’s credit market.
