BoG Facilitates Payment Of GHS 3.8m In Monetary Awards To Complainants In 2023
The Bank of Ghana (BoG) facilitated the payment of GHS 3,803,073 in monetary awards and refunds to deserving complainants in 2023, marking a significant 31% increase from the GHS 2,901,706.05 reported in 2022.
According to the BoG’s 2023 Complaints Management Report, the central bank received a total of 695 complaints from clients of banks, specialized deposit-taking institutions (SDIs), other financial institutions, and payment systems and service providers.
This figure represents a 29% reduction from the 983 complaints lodged in 2022, contrasting with a 15% increase in complaints observed in 2021. Despite the overall decline, the complexity of complaints increased, necessitating longer resolution times.
Of the 695 complaints received, 458 (66%) were resolved, while 237 (34%) remained unresolved at the end of the year. The 66% resolution rate signifies a marginal improvement over the 64% rate achieved in 2022.
The decrease in complaints was broad-based, with banks, savings and loans institutions, and finance houses reporting reductions of 25%, 46%, and 60% respectively. Banks accounted for the majority of complaints, with 357 (51.4%) of the total, achieving a resolution rate of 77%.
Unresolved complaints were predominantly linked to customers’ difficulties in recovering matured investments and deposits from savings and loans companies, finance houses, and microfinance institutions.
These issues constituted 54% (128) of the unresolved complaints, with the remaining 46% (109) at various stages of resolution at the end of the reporting period.
Section 3(2) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930) mandates the Bank of Ghana to ensure the protection of customers’ interests in its regulated institutions.
The central bank has reaffirmed its commitment to enforcing compliance with the regulatory framework and educating consumers on their rights and responsibilities, ultimately aiming to preserve financial stability and support sustainable economic growth and development.
