Credit Bureaus

The Bank of Ghana (BoG) has increased the minimum paid up capital for existing and new Credit Bureaus to ₵6,000,000 from ₵500,000. This represents 1,100 percent increase. The Bank of Ghana in a statement explained that the revision is in accordance with section 18 (3) of the Credit Reporting Act, 2007 (Act 726), and takes effect from Monday, 20th November, 2023 under the following conditions. “Existing credit bureaus have up to the end of January 2025 to meet the new minimum paid up capital and shall always maintain an unimpaired minimum capital of GHS6,000,000 going forward”, the statement said. It…