The Bank of Ghana (BoG) has announced that the Electricity Company of Ghana (ECG) will soon submit consumer credit data to credit bureaux. This move is part of BoG’s efforts to broaden the scope of the country’s credit reporting system, which already includes financial institutions and other data providers.
The central bank’s 2023 annual report revealed that 13 non-banking institutions applied to become data providers, with eight receiving approval. ECG’s participation is seen as a critical addition, given its vast consumer base. This new collaboration aims to help improve the credit history of both individuals and businesses in Ghana.
The BoG also noted that discussions are ongoing with other institutions, including MASLOC and the Ghana Enterprise Agency, to develop a more robust credit reporting system. As of December 2023, 33 companies have been designated as official data providers.
This initiative is expected to enhance the creditworthiness of Ghanaians, providing more accurate credit scores for consumers and businesses across various sectors.