Q2 2024: BoG reports sharp rise in collateral registrations

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

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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.

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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.

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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.

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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.

Source:classfmonline.com

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