The Bank of Ghana says it initiated discussions with the Electricity Company of Ghana (ECG) in 2023 to further broaden the scope and include relevant data for an effective credit reporting system.

“The engagement, when completed, will allow ECG to submit credit information to credit bureaux to improve the credit reports of consumers and businesses.”

The central bank also noted in its annual reports on credit activities that in 2023, it received 13 applications from companies other than banking institutions to be designated as data providers and authorised users of the Credit Reporting System.

Out of the 13 applications, the central bank approved eight.

The approval, the BoG explained, “Will allow the respective institutions to access the CRS by providing data to credit bureaus and/or obtaining credit information from credit bureaux.”

It said as of December 2023, a total number of 33 companies had been designated.

The report said the approvals were based on the companies’ engagement in trade credit or processed data relevant to the development of the credit reporting system.

These institutions included retailers, financial technology companies, and credit unions.

The Bank of Ghana also began engagements with the Microfinance and Small-Scale Loans Centre (MASLOC) and the Ghana Enterprise Agency to develop modalities for enrolment in the CRS.