Ghana launched an online collateral registry under the Borrowers and Lenders Act 2008 (Act 773). The 2008 Act, was however only a piecemeal reform. It did not provide for new priority rules when claims competed, nor did it offer for any alternatives to registration to perfect a security interest.

Since then, a new push for reform has been made. In 2017 the Bank of Ghana published a new Borrowers and Lenders Bill, which would provide for unified reform. This bill provides for a wide definition of security interest, following the unitary approach of the substance of the rights rather than the form of the agreement (see section 76). Although the proposed Bill still envisages registration as the only way to perfect a security interest, it provides a more cohesive scheme. For example, there are new rules on priorities, for example giving purchase money security interests super-priority subject to certain formality requirements (section 31).

It remains to be seen whether this Bill will be passed into law.

The Draft Bill is available here.

Last Checked August 2020

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