The Bank of Ghana (BoG) has directed all participating institutions in the country’s credit reporting system to actively submit data on individuals and businesses to the licensed credit bureaus.

In a notice, the BoG stated that “any institution engaged in any form of credit business [should] contact any of the three licensed credit bureaus — XDS Data Ghana Limited, Dun & Bradstreet Credit Bureau Limited, and My Credit Score Limited — for the necessary credit information or submit a request.”

The disclosure was contained in a notice issued by the Financial Stability Department of the Bank of Ghana on February 5, 2026.

The notice emphasised that the credit reporting system framework, established under the Credit Reporting Act 2007 (Act 726), promotes the sharing of credit information of debtors with lenders and other users of the system.

According to the Bank, this framework “is beneficial to both lenders and borrowers/debtors as it helps lenders/creditors to better assess the credit risk of each borrower/debtor.”

Since 2010, the BoG has believed that the operationalisation of the credit reporting system has significantly contributed to reducing credit costs and the level of non-performing loans.

Expanding Reporting Institutions

In 2021, the Bank of Ghana expanded the list of institutions required to participate in the Credit Reporting System.

These institutions include telecommunication companies, utility firms, retailers, Mobile Money Operators, and financial technology companies (FinTechs).

Other participants include government agencies that provide credit to Micro, Small, and Medium Enterprises (MSMEs), entities that issue identification documents, and suppliers of goods and services on a postpaid or instalment basis.

Also included are student loan schemes managed by private or government agencies, as well as other entities that hold relevant data aligned with the permissible purposes of credit bureaus.

The move aims to ease credit defaults and reduce non-performing loans.

Under current regulations, eligible participants in the CRS must provide credit information on their customers to all licensed credit bureaus within 72 hours of entering into a credit agreement or facility.

They are also required to obtain credit reports on prospective customers before extending any credit.

This ensures institutions have access to information on their clients' credit behaviour before establishing credit relationships, while contributing data that helps other creditors make prudent lending decisions.

Background

The Credit Reporting System (CRS) is a database established under Act 726 to facilitate the sharing of information on debtors' credit histories with lenders and other system users.

Since the enactment of Act 726 in 2007, the Bank of Ghana has licensed three credit bureaus to provide credit reporting services to licensed financial institutions and the additional institutions listed above.

The licensed credit bureaus are XDS Data Ghana Limited, Dun & Bradstreet Credit Bureau Limited, and My Credit Score Limited.