Bank of Ghana reports 455% surge in loan data submissions in 2023

The Bank of Ghana's 2023 Annual Credit Activity Report revealed a 455% increase in loan records submitted to credit bureaux, averaging 21.2 million per month, compared to 3.8 million in 2022.

About 99% of the submissions were for individual borrowers, driven by the reporting of digital loans.

Savings and loan companies led in individual loan data, while banks dominated business loan submissions.

Specialized institutions shifted focus to payroll and digital loans. The Bank also launched a public education campaign on dud cheques, warning of penalties, including credit access bans for offenders.