(1) The Bank of Ghana shall have overall supervisory and regulatory authority

to:

(a) register, license and regulate credit bureaus, data providers and credit information recipients and their agents;

(b) control and supervise activities of the credit bureaus, data providers, credit information recipients and their agents;

(c) maintain proper standards of conduct and acceptable credit reporting practices under the scheme;

(d) make regulations and rules for institutions under this Act;

(e) take measures to protect the interests of credit information subjects;

(f) protect the integrity of the credit reporting system against abuses;

(g) impose penalties for contravention of this Act;

(h) undertake other activities necessary or expedient to give full effect to the provisions of this Act; and

(i) perform other functions specified under this Act.

(2) The Bank shall advise the Minister for Finance on matters relating to credit reporting.

(3) The Bank shall establish within its organization, a Credit Reporting Department or office.

(4) The Bank may authorize the Head of the Credit Reporting Department of the Bank or any other official or person to exercise a power and do an act that it considers appropriate in order to discharge its duties under this Act.

(5) The Bank of Ghana may establish a Public Credit Bureau.