Credit Reporting Act No. 726 (consumer protection-related)

Ghana

(enacted in 2007)

Credit Reporting Act No. 726 of 2007 provides a legal and regulatory framework for credit reporting in Ghana. It aims to set up a credit reporting system in Ghana to reduce the risks of lending and share data information on the debt profile and repayment history of borrowers while protecting borrowers’ rights as far as possible.

  • It restricts the access to credit reports and contains numerous provisions on data protection. Financial institutions shall not report customer’s information to a licensed credit bureau unless the prior consent in writing of the borrower has been obtained for the submission of the information to the credit bureau and the storage, processing and dissemination of the information by the credit bureau in accordance with the act. Only financial institutions who submit credit information to a credit bureau and who show evidence of the customer’s prior written consent to the issuance of a credit report will be eligible to access a credit bureau’s data;
  • Consumers have the right to inspect and challenge their own file;
  • All credit bureaus are required to establish an Inquiry Service Unit that shall attend to persons affected by information contained in the database of the credit bureau and who challenge the information on the grounds that it is illegal, inaccurate, erroneous or outdated;
  • Complaints shall be submitted to the Bank of Ghana which shall investigate the matter and settle the dispute to the satisfaction of the parties in accordance with the provisions in the act. A person dissatisfied with a decision of the Bank of Ghana may appeal to the High Court; and
  • A person who suffers harm arising from the supply of inaccurate or incomplete information about the person is entitled to commence an action in court.