The Central Bank has served notice it will sanction commercial banks that will fail to implement the credit reporting framework.
Credit reporting systems form a critical component of Credit Infrastructure and comprise the institutions, rules, procedures, standards and technologies that enable the exchange of credit and other relevant information.
Ghana’s system has been described as very ineffective due to lack of implementation.
But speaking to Starr Business, the Second Deputy Governor of the Central Bank, Elsie Awadzi said that will soon change and that the Bank is in the process of strengthening the regulatory framework to ensure compliance.
“We have identified a few gaps in the regulatory framework and we are coming up with regulation in parliament that will strengthen the credit reporting framework so that it will be more incumbent on banks to implement it,” she stated.
She continued: “They [Banks] are already required to do it [implement credit reporting framework] and we are going to make it more stricter so that if Banks don’t do that there will be sanctions that are applicable.”
The Central Bank, the Second Deputy Governor said, hopes that the banks “will find this very important so that they themselves will comply.”
Source: Ghana/Starrfmonline.com/103.5FM