Bank of Ghana’s new fees for Collateral Registry services take effect

The Bank of Ghana has revised its fees for offering Collateral Registry services to financial institutions in the country.

In a statement, the central bank the revision which came into effect January 2, 2014, is in pursuant to Section 7 of the Borrowers and Lenders Act, 2008 (Act 773)

The new fees for the services of the Collateral Registry are as follows:

Registration of a charge/secured interest: GH¢10

Searches: GH¢5

Renewal of a Registered Charge: GH¢5

The BoG advised all banks including rural and community banks, non-bank financial institutions, and the general public to take note of the new fees.

By Ekow Quandzie