By The Bank of Ghana has revealed that the number of secured loans granted to women and female-owned businesses saw steady growth in 2023.
A total of 188,439 secured loans were granted to female-owned businesses, making up 81.9% of all secured loans registered.
In comparison, males and male-owned businesses received 39,272 secured loans, accounting for 17.1% of the total.
While the volume of loans granted to women increased, the highest value of secured loans was still received by male-owned businesses.
In 2023, the total value of secured loans granted to males and male-owned businesses amounted to GH₵13.4 billion, representing 79.3% of the total value of loans granted. In contrast, the total value of secured loans granted to females and female-owned businesses stood at GH₵3.5 billion, accounting for 20.7%.
The Bank of Ghana attributed this disparity to the type and value of assets owned by women, which are used as collateral.
Data from the Registry indicated that the main types of collateral used by women and female-owned businesses included account receivables, consumer and household goods, and inventory and stock of goods.
Findings:
Meanwhile, the number of searches conducted on the registration status of collaterals decreased in 2023.
A total of 59,103 searches were carried out in 2023, down from 62,073 in 2022, reflecting a 4.8% year-on-year decline.
The failure of Registered Financial Institutions to conduct thorough searches poses a risk of accepting encumbered assets, which could lead to an increase in Non-Performing Loans if a borrower defaults.
To mitigate these risks, the Collateral Registry has stepped up its awareness and sensitisation efforts, emphasizing the importance of conducting searches to safeguard the integrity of the lending process.
