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Changes to Reporting Requirements amidst COVID-19 Pandemic

 

Changes to Reporting Requirements amidst COVID-19 Pandemic

The Bank of Ghana in the year under review introduced changes to credit bureau reporting requirements to accommodate moratoria for loan repayments and other forms of loan restructuring introduced by financial institutions to provide some reliefs to customers amidst the pandemic. 

The objective of the changes was to ensure that such reliefs introduced by financial institutions did not appear as defaults or non-payments by borrowers resulting in a rise in the risk profiles of borrowers. Hence the changes ensured that the measures put in place by financial institutions during the crisis had minimal or no adverse impact on the credit histories of borrowers.

The changes included introduction of special facility codes to depict the status of loans for varied reasons.

An Excerpt from Bank of Ghana Credit Reporting Activity Annual Report 2021

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