Credit enquiries in Ghana surged to 29.5 million in 2024, marking a 114.6% jump from 13.7 million in 2023, according to the Bank of Ghana’s latest Credit Reporting Activity Report.
The central bank says the sharp increase reflects the growing importance of credit reporting as a key tool for institutional credit management across the financial sector. On a monthly basis, enquiries averaged 2.46 million—up 16.24% year-on-year compared to the 2023 monthly average of 2.11 million.
In terms of borrower profiles, individuals accounted for 55% of searches, while 44% targeted digital loan customers, highlighting the growing role of fintech in Ghana’s credit ecosystem.
Data submissions to credit bureaus also surged, with an average of 61.14 million loan records submitted monthly in 2024—a 190.33% increase from the previous year. Nearly all submissions (99.7%) involved individual borrowers, dominated by digital lending data, new loan entries, and status updates.
The year saw key regulatory developments, including the Bank of Ghana extending the deadline for credit bureaus to meet the new GHS 6 million minimum capital requirement to June 2025. A new operator, MyCredit Score Ltd, was also licensed, bringing the total number of credit bureaus to three.
Additionally, credit bureaus received approval to begin credit scoring, and cross-border credit reporting was introduced through XDS Data Ghana Ltd in partnership with U.S.-based Nova Credit Inc.
The central bank noted major advances in data quality, regulatory compliance, and public engagement in 2024, alongside a decline in dud cheque incidents and greater public awareness of credit reporting.
The BoG reaffirmed its commitment to strengthening Ghana’s credit reporting infrastructure through stricter enforcement, expanded public education, and enhanced policy collaboration, aiming to build a transparent, inclusive, and resilient credit market to support sustainable economic growth.
