BoG reviews Collateral Registry Service fees

The Bank of Ghana (BoG) has announced a review of Collateral Registry Service fees paid by banks and financial service institutions with effect from July 1 this year.

The central bank said the fee for registration of secured interest has been pegged at GH¢20 and for searches at GH¢10. The new fees are double the previous rates, which were fixed eight years ago.

“All banks, specialised deposit-taking institutions, non-bank financial institutions, and the general public are to take note and be guided accordingly,” the BoG said in a statement.

The Collateral Registry is one of the innovations in the credit market introduced by the Bank of Ghana to reduce information asymmetry between borrowers and lenders in credit transactions.

It operates a 24/7 web-based system, which serves lending institutions and the general public.

Source: Business24