Ghana’s credit reporting landscape experienced remarkable expansion in 2024, with the Bank of Ghana (BoG) hailing significant strides in data quality, compliance, and public engagement.
According to the central bank’s latest Credit Reporting Activity Report, total credit enquiries hit 29.5 million last year—more than doubling the 13.7 million recorded in 2023. This 114.6% surge reflects the rising reliance on credit history checks as a key part of lending decisions.
Digital lending continued to dominate the borrower profile, with individuals making up 55% of all searches and digital loan customers accounting for 44%. The fintech sector’s influence was further evident in data submissions to credit bureaus, which skyrocketed to an average of 61.14 million loan records per month—up 190.33% from 2023. Nearly all submissions (99.7%) related to individual borrowers.
The year also brought key regulatory changes. The BoG extended the deadline for credit bureaus to meet the new GHS 6 million minimum capital requirement to June 2025 and licensed MyCredit Score Ltd, increasing the number of operators to three. Additionally, approval was granted for credit scoring services, and cross-border credit reporting was introduced through XDS Data Ghana Ltd’s partnership with US-based Nova Credit Inc.
The central bank said these developments are boosting transparency and efficiency in Ghana’s credit ecosystem. It also noted a decline in dud cheque cases, greater use of credit reports, and rising public awareness as signs of a maturing market.
BoG pledged to sustain the momentum through stricter enforcement, enhanced public education, and stronger policy partnerships—measures it believes will help build a resilient credit market to drive long-term economic growth.
