SMEs can use vehicles, movable assets as collateral under Borrowers and Lenders Act

Assistant Director at the Collateral Registry Department of the Bank of Ghana, Alexander Koomson, said the introduction of movable assets into the collateral framework was intended to broaden the range of assets businesses could use to secure financing.

The two-day regional sensitisation programme organised by the Bank of Ghana sought to educate businesses and other stakeholders on the legal framework governing lending and borrowing and the use of collateral in accessing credit, highlighting their rights and responsibilities under the new Act.

The two-day programme brought together representatives of the Bank of Ghana, business associations, financial institutions and businesses to discuss the Borrowers and Lenders Act, 2020 and the operations of the Collateral Registry.