Credit enquiries in Ghana climbed to 29.5 million in 2024, marking a 114.6% increase from 13.7 million in 2023, according to the Bank of Ghana’s (BoG) latest Credit Reporting Activity Report. The central bank attributes this sharp growth to the rapid expansion of digital lending services, greater reliance on credit history for loan decisions, and increased public awareness about the importance of maintaining a strong credit profile.
On average, 2.46 million credit checks were conducted each month in 2024, up from 2.11 million the previous year. Individuals accounted for 55% of all searches, while 44% focused on digital loan customers, highlighting the dominant role of fintech in Ghana’s lending landscape.
Data submissions to credit bureaus also rose significantly, with an average of 61.14 million loan records submitted monthly—a 190.33% jump from 2023. Nearly all submissions (99.7%) related to individual borrowers, reflecting the strong influence of personal and mobile-based lending channels. The records included new loans, repayment status updates, and detailed digital lending transactions.
The year saw major regulatory developments. The BoG extended the deadline for credit bureaus to meet the new GHS 6 million minimum capital requirement to June 2025, licensed MyCredit Score Ltd as the country’s third credit bureau, and approved credit scoring services for the first time—giving lenders and borrowers access to standardised creditworthiness ratings. Cross-border credit reporting was also launched through XDS Data Ghana Ltd in partnership with Nova Credit Inc. (USA), enabling Ghanaian borrowers to build internationally recognised credit profiles.
The BoG noted notable improvements in data quality, regulatory compliance, and collaboration among stakeholders. It also reported a decline in dud cheque incidents, wider use of credit reports in lending decisions, and greater public engagement with the credit reporting system.
Looking ahead, the central bank says it will continue to strengthen Ghana’s credit market through stricter enforcement of reporting standards, expanded financial literacy programmes, and closer policy partnerships. These efforts aim to build a transparent, inclusive, and resilient credit ecosystem capable of driving sustainable economic growth while reducing default risks.
