Credit Reporting Act No. 726

Ghana

(enacted in 2007)

Credit Reporting Act No. 726 of 2007 is the main law governing credit bureaus and establishes the conditions for credit reporting in Ghana. The act aims to set up a credit reporting system to reduce the risks of lending and share data on the debt profile and repayment history of borrowers while protecting borrowers’ rights as far as possible.

This act covers the following topics:

  • Supervisory and regulatory role of the Bank of Ghana;
  • Licensing and regulation of credit bureau operations;
  • Operation of credit bureau;
  • Data protection provisions including:
    • Submission of information to credit bureau;
    • Information to be provided by financial institution with consent of borrower;
    • Offence of disclosure of confidential information;
    • Other sources of information for credit bureau;
    • Retention period of credit information database;
    • Dissemination and usage of credit information by credit bureau;
    • Payment for the provision of credit information and credit report services;
    • Privacy and secrecy requirements;
    • Duties of a data provider in relation to consent obtained;
  • Consumers rights related to credit records and information;
  • Complaints, redress and penalties;
  • Investigation, inspection and court orders;
  • Miscellaneous matters including:
    • Liquidation of credit bureau;
    • Database in event of liquidation, suspension or revocation of a license;
    • Technical and financial audit; and
    • Bank of Ghana annual report on licensed credit bureaus.