GAREB Urges Wider Use of BoG Collateral Registry in Property Deals
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Ghana’s real estate brokers are calling for stronger reliance on the Bank of Ghana’s Collateral Registry to curb rising property fraud. The push highlights growing concerns over hidden encumbrances and disputed land transactions in the market.
The Ghana Association of Real Estate Brokers (GAREB) is urging stronger adoption of the Bank of Ghana’s Collateral Registry system to improve transparency and reduce fraud in property transactions. The call was made during stakeholder discussions in Accra focused on strengthening due diligence in the real estate sector.
The group emphasized that many buyers continue to suffer financial losses after unknowingly purchasing properties already tied to loans or security interests. It argued that routine checks on the Collateral Registry could significantly reduce such risks and improve trust in the market.
The Bank of Ghana, through its Collateral Registry Department, has in recent years intensified education on the Borrowers and Lenders Act, which requires lenders and brokers to register and verify security interests on assets. This framework is designed to improve credit transparency and protect both lenders and buyers.
Stakeholders say wider awareness and consistent use of the registry could help formalize Ghana’s largely informal brokerage system and strengthen investor confidence as the real estate market expands.