The Bank of Ghana (BoG) is stepping up efforts to strengthen consumer protection and ensure public confidence in the banking sector, Second Deputy Governor of the BoG, Mrs Matilda Asante-Asiedu, has said.
“At the Bank of Ghana, we are constantly strengthening our regulatory framework and tools to safeguard consumer protection, including systems to monitor complaint resolution across all regulated institutions as embedded in the Consumer Recourse Mechanism Guidelines,” Mrs Asante-Asiedu said.
Speaking at the Consumer Reporting Officers stakeholder engagement in Accra on Tuesday, under the theme “Excellence in Service, Innovation in Delivery, Security in Practice,” Mrs Asante-Asiedu said the Bank was reviewing the Consumer Recourse Mechanism to close emerging gaps.
“The absence of explicit provisions for compensation within the current legal and regulatory frameworks presents a significant constraint,” she said.
The review, she noted, aims to address these limitations through consultation with industry players.
According to the Second Deputy Governor, the number of consumer complaints escalated to the Bank rose from 695 in 2023 to 743 in 2024, representing a 6.9 percent increase.
The trend, she explained, reflects growing complexity in grievances and a “lack of confidence in the resolution capabilities of the commercial banks.”
“As Consumer Reporting Officers, you must strengthen your commitment to the vital roles you play in ensuring effective complaint redress at the institutional level,” she said, adding that such efforts would “foster financial inclusion and strengthen consumer trust.”
The Deputy Governor said a review of complaints received by the central bank also revealed “persistent concerns regarding weak corporate governance, limited transparency, insufficient disclosure of product and service terms, and inadequate accountability frameworks within regulated financial institutions.”
Mrs Asante-Asiedu called for a “multi-pronged strategy focused on strengthening governance, transparency, and consumer protection,” stressing that “the true measure of success lies not in policies written but in customer experience.”
Turning to digitalisation, she noted that most banks had embraced innovative technologies to improve access and convenience.
“Digital banking services have opened new frontiers for delivering services faster and more broadly,” she said.
However, she warned of increasing risks, saying that “while we commend this progress, we must remain vigilant about the inherent risks.”
She cited the Bank’s Fraud Report, which recorded a five percent rise in reported fraud cases — from 15,865 in 2023 to 16,733 in 2024. Financial losses rose by 13 percent to GH¢99 million, while staff involvement in fraud increased by 33 percent.
“This alarming trend poses a significant threat to the integrity and resilience of our banking system,” she said, urging officers to uphold ethical standards and strengthen internal controls.
Mrs Asante-Asiedu said the Bank’s Fintech and Innovation Office was promoting responsible innovation through its Regulatory Sandbox, designed to test emerging financial solutions safely.
“No amount of service excellence or technological advancement can compensate for a breach of trust,” she said. “Trust is built on the foundation of security of customer data, transactions, and personal privacy.”
She reaffirmed the Bank’s commitment to collaboration, adding that “the strength of our banking system lies not only in its profitability but also in its credibility — how fairly and effectively it treats the people who depend on it.”
By Times Reporter
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