A team from the Collateral Registry of the Bank of Ghana (BoG) has conferred with Management of the University of Cape Coast to seek permission to sensitise both management and students of the University on the Act establishing the Registry and its operations.

The Deputy Chief Manager of the Collateral Registry of Bank of Ghana, Mr Richmond Kojo Attipoe, who led the team, said the establishment of the Registry by the Bank of Ghana forms part of efforts to deepen public understanding of the Borrowers and Lenders Act 2008 (Act 773) to promote transparency in the credit delivery system by the introduction of Collateral Registry, which allows banks to register the collaterals presented by borrowers.

He said the Bank of Ghana had introduced an online payment platform for the Collateral Registry System under the statutory Mandate of the Borrowers and Lenders Act 2008 (Act) 773.

According to him, BoG operationalized the establishment of the Ghana Collateral Registry on 1st February, 2010, to register charges and collaterals created by borrowers to secure credit facilities provided by lenders.

The Vice-Chancellor of UCC, Prof. Johnson Nyarko Boampong, in his remarks, welcomed the sensitisation by the Registry and said the various constituents of the University were ready to receive them.

He also expressed regret over the surge in unlicensed financial institutions in the country defrauding unsuspecting Ghanaians and challenged the BoG to protect the financial gains of Ghanaians.

Present at the meeting with the Vice-Chancellor were the Pro Vice-Chancellor, Prof. Mrs. Rosemond Boohene; the Director of Finance-UCC, Mrs. Elizabeth Obese and Provost of the College of Humanities and Legal Studies, Prof. Kwame Osei Kwarteng. The others were Provost of the College of Distance Education, Prof. Anokye Mohammed Adam; Provost of the College of Health and Allied Sciences, Prof. Martins Ekor and the Head of the Documentation and Information Section, Mr. Nasir Yaqub Ntsie. 

The BoG delegation was made up of Mrs. Sarah Frimpong, an Assistant Manager and Mrs. Indora Addai, also an Assistant Manager.

Source: Documentation and Information Section-UCC