The Bank of Ghana (BoG) has implemented a significant increase in the minimum paid-up capital for both existing and new Credit Bureaus, raising the threshold from GH₵500,000 to GH₵6 million.
The adjustment, effective from November 20, 2023, aims to fortify the credit reporting regime in the country and ensure well-capitalized investments by credit bureaus.
In a statement, the Central Bank emphasized the importance of the increment in maintaining robust information technology infrastructure and systems, ultimately enhancing the delivery of effective credit reporting services.
Existing credit bureaus are given until January 2025 to meet the new minimum paid-up capital requirement.
“All credit bureaus and prospective applicants for credit bureau licenses should take note and be guided accordingly,” the statement advised.
Non-compliance with the revised minimum paid-up capital requirement will be addressed in accordance with Section 11 (1) (e) of the Credit Reporting Act, 2007 (Act 726).
The Bank of Ghana reserves the right to revoke the license of any credit bureau failing to meet the stipulated capital requirement.
The Central Bank's decision, aligned with Section 18 (3) of the Credit Reporting Act, 2007 (Act 726), underscores the importance of credit bureaus in providing transparent credit information.
Credit bureaus play a crucial role by collecting information from financial and non-financial institutions, supporting sound risk management and financial stability.
Regulators, including the Bank of Ghana, rely on credit information from bureaus to assess interconnected credit risks, aiding oversight functions and contributing to the overall health of the financial ecosystem.