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Credit Reporting Regulations In Ghana

 


The Bank of Ghana with support from the Ministry of Finance completed the processes for the development of the Credit Reporting Regulations. The Regulations have been passed by Parliament and came into force on 5th March, 2020. The Regulations are to provide for effective implementation of the Credit Reporting Act, 2007 (ACT 726) and incorporate best practices in the credit reporting system.

The Regulations make provision for data submission rules, data protection and quality rules, credit bureau corporate governance requirements, dispute resolutions and sanctions for non-compliance. In addition, the Regulations expanded the scope of the credit reporting system to include other lenders outside the financial sector. These include government institutions that provide credit facilities, utility companies, telecommunication companies, retailers and any other entity engaged in lending activities.

Credit Reporting Regulations 2020 LI 2394


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