Saturday, 15 June

BoG receives 983 complaints in 2022

Ghana's central bank, Bank of Ghana (BoG)

In 2022, the Market Conduct Office of the Bank of Ghana received a total of 983 complaints from customers of banks, specialised-deposit institutions, non-bank financial institutions and payment service providers.

This represents an increase of 15%, compared with the 857 complaints recorded in 2021.

The rise was largely attributed to the increase in awareness of the general public and the confidence reposed in the Bank of Ghana to use its supervisory authority to adjudicate and resolve complaints, the central bank said in a statement.

It noted that out of the 983 complaints received in 2022, 626 complaints (64%) were resolved and 357 complaints (36%) remained unresolved.

This is compared to 2021, where 857 complaints were received with 556 complaints (65%) resolved, representing a marginal dip in resolution.

The department observed during the review period that, financial service providers (FSPs) resolved most of the cases at their end through their internal dispute resolution (IDR) processes and only referred the complex complaints to Bank of Ghana.

Complaints received against banks, savings & loans, rural & community banks and unlicensed institutions, increased marginally in 2022, as compared with the same period of 2021, BoG noted.

On the contrary, it said finance houses and microfinance institutions had drop in complaints in 2022, compared to 2021.

According to the statistics, banks received the highest number of complaints in the period, of which 89% were resolved.