BANKING AND FINANCIAL SERVICES

to support the Bank of Ghana and its stakeholders to strengthen and expand the credit information sharing regime by promoting the adoption of the General Principles on Credit Reporting, through reviews to the existing legislation for Credit Reporting in Ghana, the facilitation of activities to promote SME Reporting and data quality and by providing technical support for the intergration of Microfinance Institutions and other credit providers into the credit reporting regime. The project will also increase the overall understanding of the benefits of credit reporting by lenders and the public at large by way of a public education and awareness campaign with the view to increasing access to finance for MFIs, Micro, Small and Medium Enterprises (MSMEs) and consumers. Improved quality of credit data will help lenders to make better informed lending decisions and improve their risk management practices whilst at the same time promoting responsible lending and preventing over indebtedness. Facilitating access to public third party databases and other non bank lenders data such as insurance and telecommunications will ensure that borrowers, but particularly MSMEs can use their reputational collateral based on credit history to access credit. This project will support the staff of the BoG to improve their supervisory skills. The aim is to expand credit information sharing and improve the impact it has on access to finance and overall economic growth in Ghana.

Ghana