Complaints about inaccurate credit information and delays in updating credit reports in Ghana nearly doubled in 2025. The Bank of Ghana’s 2025 Credit Reporting Activity Annual Report revealed that credit bureaus received 3,085 complaints and disputes from financial institution customers during the year. This figure marks a significant 90.8% increase from the 1,617 complaints recorded in 2024.
This sharp rise in complaints raises serious questions about the reliability of records lenders use to assess loan applications. Credit reports contain vital information about customers’ credit facilities and repayment history. Financial institutions depend on these records to evaluate the creditworthiness of potential borrowers before approving or rejecting loan requests.
The increase in disputes highlights a critical challenge within Ghana's financial ecosystem. Reliable credit information is fundamental for efficient lending, allowing banks and other institutions to make informed decisions. Inaccurate data can unfairly deny individuals and businesses access to necessary credit, hindering economic activity and personal growth. This trend also impacts the broader financial stability by introducing uncertainty into lending practices.
Under the Credit Reporting Act, 2007 (Act 726), financial institutions licensed by the Bank of Ghana must obtain credit reports from licensed credit bureaus. This legal requirement underscores the importance of accurate and timely credit data. The Bank of Ghana acknowledged these challenges and stated its commitment to improving the accuracy and timeliness of credit information submitted by financial institutions and other data providers.
As part of these efforts, the Bank of Ghana is developing a Data Hub for Credit Reporting, expected to launch in 2026. This proposed platform will allow financial institutions and other lenders to submit standardised credit data directly through the central bank to credit bureaus. The central bank believes this system will address issues leading to late or missed data submissions, thereby improving the overall quality of credit information available to lenders.
The report also noted a decrease in overall credit enquiries in 2025, with 25,921,066 enquiries, down 12.12% from 29,496,440 in 2024. Despite this reduction, digital loan-related enquiries remained dominant, accounting for 19,943,215, or 76.94%, of all enquiries during the year. This dominance of digital loan enquiries further stresses the need for robust and accurate credit reporting systems, as many Ghanaians rely on these platforms for quick access to funds.
The implications of persistent credit record errors are far-reaching. Individuals may struggle to secure loans for education, housing, or business expansion, even if they have a good repayment history. Businesses, especially small and medium-sized enterprises (SMEs), could face difficulties accessing capital needed for growth and job creation. The Bank of Ghana's new Data Hub is a crucial step towards restoring confidence in the credit reporting system.
Decision-makers and financial markets will closely monitor the implementation and effectiveness of this new platform. A more reliable credit reporting system can foster greater financial inclusion and support economic development across Ghana. Improved data quality will also reduce risks for lenders, potentially leading to more competitive loan products and better access to finance for a wider segment of the population. The success of these initiatives will be vital for Ghana's financial sector stability and growth in the coming years.