Analysis of private credit bureau coverage in Ghana reveals significant growth since 2013, starting from 10.4% and reaching 38.3% in 2023, a notable expansion within a decade. Despite some minor fluctuations, the coverage has consistently increased over the past two years by 5.51% YoY in 2023 and 6.14% YoY in 2022. The compound annual growth rate (CAGR) over the last five years stands at 11.32%, showing a steady and encouraging upward trend.
Future trends to watch for include:
• Continued adoption and integration of advanced technologies such as AI and machine learning to enhance credit assessment accuracy
• Potential regulatory changes impacting data privacy and credit reporting standards
• Increased collaboration between financial institutions and credit bureaus to broaden the coverage
• Expansion of credit bureau services to include non-traditional credit data to paint a more comprehensive picture of an individual's creditworthiness
