The number of security interests registered in Ghana declined sharply during the second quarter of 2026 even as the total value of secured credit increased significantly, according to new data from the Bank of Ghana's Collateral Registry.

A total of 92,033 security interests were registered during the quarter, representing a 32.2 percent decline from the 135,721 registrations recorded during the same period in 2025.

Despite the sharp reduction in the number of registrations, the total value of secured credit registered during the period increased by 73.4 percent year on year.

The contrasting figures indicate that while fewer security interests were registered, considerably more money was associated with secured lending during the quarter.

CREDIT VALUE RISES DESPITE FEWER REGISTRATIONS

The Bank of Ghana figures highlight a notable shift in activity within the secured credit market.

Registration volumes declined by almost a third compared with the previous year, but the value of credit attached to registered security interests increased substantially.

According to the report, the increase in the value of secured credit was driven mainly by banks.

The figures suggest that the average amount of credit associated with registered security interests increased during the period, although the data alone does not establish the specific reasons behind that shift.

Changes in the composition of lenders and borrowers, the size of individual facilities and broader credit conditions could all influence the relationship between transaction volumes and values.

SAVINGS AND LOANS DRIVE DECLINE

Savings and Loans Companies were responsible for much of the reduction in security interest registrations.

Registrations by Savings and Loans Companies declined from 119,649 in the second quarter of 2025 to 68,871 during the same period in 2026.

That represented a 42.4 percent year on year decline.

The scale of the reduction helps explain why overall registrations fell substantially despite the strong increase in the total value of secured credit.

The figures also demonstrate a difference between the volume of activity generated by Savings and Loans Companies and the value of credit being registered by banks.

COLLATERAL REGISTRY SUPPORTS SECURED LENDING

Ghana's Collateral Registry allows lenders to register security interests in assets offered by borrowers as collateral.

The system is intended to provide lenders with information about existing claims on collateral and help reduce risks associated with secured lending.

Businesses and individuals can use movable assets to support access to credit, while financial institutions can search the registry before extending financing.

The Bank of Ghana operates the Collateral Registry Application System to facilitate registrations and searches.

SEARCH ACTIVITY INCREASES

While registrations declined, activity involving searches on the Collateral Registry Application System increased.

The Bank of Ghana report said search activity increased by 13.9 percent year on year.

The increase indicates stronger use of the registry by lenders and other stakeholders conducting checks before completing credit transactions.

The Bank of Ghana linked the rise partly to intensified sensitization and training activities by the Registry.

Between the first and second quarters of 2026, searches also increased by 8.7 percent, rising from 17,955 to 19,518.

Savings and Loans Companies remained major users of the search function.

They conducted 12,397 searches during the second quarter of 2026 compared with 11,968 during the corresponding period of 2025.

FEWER TRANSACTIONS BUT HIGHER CREDIT VALUE

The combination of falling registration volumes and rising secured credit value is one of the most notable findings in the latest Collateral Registry data.

The 73.4 percent increase in secured credit value suggests that larger amounts of financing were being registered even though the number of security interests declined.

However, the figures should not automatically be interpreted as proof that every individual loan became larger.

Changes in the types of institutions registering credit, the composition of borrowers and the structure of secured transactions can affect both the number and value of registrations.

What the data clearly show is that Ghana recorded significantly fewer security interest registrations during the second quarter while the aggregate value of secured credit moved strongly in the opposite direction.

The trend will make subsequent Collateral Registry reports important for determining whether the shift continues through the remainder of 2026.