The Bank of Ghana (BoG) has facilitated the refund of GHȼ3.8 million to deserving complainants in 2023.
This complies with Section 3(2) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which mandates the Bank of Ghana to ensure that the interests of customers of its regulated institutions are adequately protected.
The amount represents a 31% increase from the GHȼ2.9 million reported in 2022.
This was contained in the Central Bank’s Complaints Management Activities Annual Report for 2023.
The Bank of Ghana received a total of 695 complaints in 2023 from customers of Banks, Specialised Deposit-Taking Institutions, Other Financial Institutions, and Payment Systems and Service Providers, compared to 983 complaints in 2022.
This represents a 29% decrease in complaints. Out of the 695 complaints, 458 were resolved, while 237 remained unresolved as of the end of 2023.
The decline in complaints was broad-based, with decreases observed across Banks, Savings and Loans Institutions, and Finance Houses.
Complaints against banks continued to lead, accounting for 51.4% of total complaints received, with 77% of these being resolved.
The highest complaint type was loans, with 209 complaints. On recurrent themes for 2023, customers’ inability to retrieve matured investments or deposits topped the list with 165 complaints. This is a reduction compared to 2022, which saw 330 complaints on this issue.
Loan-related complaints came in second with 127 complaints, representing 18% of the total. Delays in processing customer instructions, including delays in reversing wrongful debits, ranked fourth with 40 complaints, representing 6%.
The Bank of Ghana has, however, affirmed its commitment to safeguarding consumers’ rights and promoting compliance to ensure the soundness and resilience of the banking system, following the adjudication of cases brought before it.
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