{
  "id": 11234297,
  "title": "SMEs can use vehicles, movable assets as collateral under Borrowers and Lenders Act",
  "url": "https://urgent.news/2026/10/01/smes-can-use-vehicles-movable-assets-as-collateral-under-borrowers",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-01T16:40:51.000Z",
  "source": {
    "name": "MyJoyOnline Ghana",
    "slug": "myjoyonline-ghana",
    "url": "https://www.myjoyonline.com/smes-can-use-vehicles-movable-assets-as-collateral-under-borrowers-and-lenders-act/"
  },
  "original_language": "en",
  "account": "The Borrowers and Lenders Act 2020 has opened up new opportunities for small and medium-sized enterprises (SMEs) in Ghana to obtain loans by using movable assets as collateral, according to the Bank of Ghana. Traditionally, banks have relied solely on land title and brick-and-mortar buildings as collateral, which has made it difficult for local businesses to secure financing for growth. Assistant Director at the Collateral Registry Department, Alexander Koomson, explained that introducing movable assets like vehicles and other movable property into the collateral framework aims to broaden the range of assets businesses can use to secure financing. The Collateral Registry, established under the framework governing lender-borrower relationships, emphasizes the importance of registering security interests to allow lenders to benefit from the protections available under the system. The Bank of Ghana organized a two-day regional sensitization workshop to educate businesses and stakeholders about the legal framework governing lending and borrowing, as well as the use of collateral in accessing credit. Representatives from the Bank of Ghana, business associations, and financial institutions participated in the event to discuss the Borrowers and Lenders Act, 2020, and the operations of the Collateral Registry. Business leaders, such as William Agyei-Manu from the Agribusiness Sector at the Association of Ghana Industries (AGI), acknowledge the persistent difficulties businesses face in securing financing, even with recent interest rate reductions. They are calling for supportive measures to enable businesses to access and utilize credit for expansion. Edward Yaw Afriyie, Regional Chairman of the Ghana National Chamber of Commerce and Industry (GNCCI), emphasized the need to increase awareness of the Borrowers and Lenders Act and Collateral Registry to facilitate easier engagement between businesses and banks when seeking loans. Despite the reduction in interest rates, the gap between headline interest rates and the practical experience of businesses seeking financing remains significant.",
  "summary": "Small and medium scale enterprises can now access loan facilities from credit institutions using movable assets as collateral under the new Borrowers and Lenders Act 2020.",
  "key_points": [
    "Borrowers and Lenders Act 2020 allows SMEs to use movable assets as collateral.",
    "Assistant Director Alexander Koomson says movable assets like vehicles broaden financing options.",
    "Two-day workshop educates businesses on legal framework and collateral use."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}