Bank of Ghana exposes 8 Ghanaian banks; reveals how they inconvenience customers

Bank of Ghana exposes 8 Ghanaian banks; reveals how they inconvenience customers

- The Bank of Ghana has released information about improper practices by some banks in Ghana

- It revealed that some of them engage in acts which place customers in disadvantaged situations

- The report comes from a survey conducted by BoG’s Market Conduct Examinations Office

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The Bank of Ghana (BoG) has revealed that banks in Ghana are engaging in unethical practices.

It explained that some of the banks are involved in activities that violate guidelines and leave customers disadvantaged.

The violations, it went on, affect customer service and safety; customers, therefore, have little or no access to adequate redress that is fair, efficient, timely, and without cost to them.

READ ALSO: Banks should stop using liquid funds to buy T-Bills - BoG to banks

A Business and Financial Times report shows that between November 2019 and February 2020, preliminary findings of eight banks showed that there were several challenges.

They ranged from lapses in the structures, systems, and processes in place to promote consumer protection and the early resolution of customer complaints.

There were also loopholes with respect to measures needed to assess compliance with relevant market conduct rules.

The results of the findings, as presented by BoG’s Market Conduct Examinations Office, outlined the weaknesses.

They included board and management oversight of complaint handling function, unfair banking practices, disclosure and transparency requirements, data protection, marketing and advertising, and ambiance.

The Bank of Ghana noted that it would continue to deploy all legal tools available to it to pursue its financial stability and consumer protection mandate, and persist in efforts to sensitize consumers on their rights and obligations in their dealings with licensed financial institutions.

In other news, the Bank of Ghana has introduced a platform with which commercial banks can trade in real-time.

The decision, according to the Central Bank, is in line with measures to help stabilize the cedi against its major trading currencies.

Referred to as the Refinitiv Matching Platform, it forms part of the Bank of Ghana’s plan to provide a transparent trading system.

READ ALSO: The economy has been in recession since March 2020 - Bank of Ghana

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Source: Yen

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