The Bank of Ghana (BoG) has announced the successful refund of GHȼ3.8 million to aggrieved complainants in 2023, a significant increase from the GHȼ2.9 million refunded in the previous year.
This achievement aligns with Section 3(2) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), underscoring the central bank’s mandate to safeguard the interests of customers of regulated institutions.
According to the Central Bank’s Complaints Management Activities Annual Report for 2023, 695 complaints were received across various financial sectors, a notable 29% decrease from the previous year’s 983 complaints. Of these, 458 were successfully resolved by year-end.
Complaints centred primarily on issues such as loans and delays in processing customer instructions, with the highest number of complaints about the inability to retrieve matured investments or deposits.
Despite challenges, including unresolved complaints and persistent issues, the Bank of Ghana remains committed to enhancing consumer protection and ensuring the banking system’s stability through rigorous regulatory oversight and dispute resolution.
The decline in complaints underscores the BoG’s ongoing efforts to foster transparency and accountability within Ghana’s financial services sector, reinforcing its role in maintaining trust and resilience among consumers and stakeholders alike.
