BoG Reviewing Consumer Recourse Mechanism to Address Gaps in Complaint Redress System, Says 2nd Deputy Governor
The Bank of Ghana (BoG) is undertaking a comprehensive review of its Consumer Recourse Mechanism to address emerging gaps in the existing complaint redress framework within the financial sector.
The move, according to the Second Deputy Governor of the Bank of Ghana, Mrs. Matilda Asante-Asiedu, forms part of efforts by the central bank to strengthen consumer protection and restore confidence in the resolution processes of regulated institutions.
Speaking at the Consumer Reporting Officers Stakeholder Engagement held at the Alisa Hotel in Accra on October 21, 2025, Mrs. Asante-Asiedu noted that the review seeks to tackle the limitations of the current framework, particularly the absence of explicit provisions for compensation.
“In recent times, there has been growing demand to review the Consumer Recourse Mechanism to address emerging gaps in its application. The absence of explicit provisions for compensation within the current legal and regulatory frameworks presents a significant constraint,” she said.
She disclosed that the Bank will soon engage industry players for input before finalising the revised framework, which is expected to enhance redress mechanisms and consumer confidence.
According to data from the central bank, the number of complaints escalated to the BoG rose from 695 in 2023 to 743 in 2024, representing a 6.9% year-on-year increase. The Deputy Governor expressed concern that several of these complaints were routine matters that should have been resolved at the institutional level.
Mrs. Asante-Asiedu attributed this trend to waning public confidence in commercial banks’ ability to effectively resolve consumer grievances, urging Consumer Reporting Officers to strengthen internal complaint-handling mechanisms.
“While protecting the three channels of complaint redress — the institution, the BoG, and the Law Court — we urge Consumer Reporting Officers to strengthen their commitment to ensuring effective complaint redress at the institutional level,” she added.
On governance and transparency, the Second Deputy Governor underscored the need for financial institutions to improve disclosure, accountability, and corporate governance practices, stressing that policy success must be reflected in customer experience.
Turning attention to fraud in the banking sector, Mrs. Asante-Asiedu expressed concern over rising fraudulent activities within financial institutions. The Bank of Ghana’s 2024 Fraud Report recorded a 5% increase in reported cases, from 15,865 in 2023 to 16,733 in 2024, with financial losses rising by 13% to GHS99 million.
She further highlighted a disturbing 33% surge in staff involvement in fraud — from 274 cases in 2023 to 365 in 2024 — calling for strict adherence to ethical standards and proactive enforcement of internal controls.
“This alarming trend poses a significant threat to the integrity and resilience of our banking system and must be addressed decisively,” she warned.
Mrs. Asante-Asiedu also emphasised the importance of cybersecurity, describing it as a core element of trust in the digital era. She reaffirmed the Bank’s commitment to promoting responsible innovation through its Fintech and Innovation Office and Regulatory Sandbox initiatives.
She concluded by reiterating that collaboration between Consumer Reporting Officers, bank management, the BoG, and consumers themselves is essential in achieving service excellence, innovation, and security in Ghana’s banking sector.
“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,” she stated.
