{"id":97964,"date":"2025-10-10T19:32:21","date_gmt":"2025-10-10T19:32:21","guid":{"rendered":"https:\/\/sotnews.agency\/?p=97964"},"modified":"2025-10-10T19:32:21","modified_gmt":"2025-10-10T19:32:21","slug":"we-will-continue-to-prioritise-consumer-protection-in-our-regulation-bog-assures","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=97964","title":{"rendered":"We will continue to prioritise consumer protection in our regulation \u2013 BoG assures"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>2 Minute, 15 Second <\/div>\n\n <\/div>
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The Bank of Ghana has given firm assurance that it will continue to prioritise the protection of consumers in line with its regulation of the banking and financial sectors.<\/p>\n

According to the Central Bank, this will be achieved by recognising consumers as vital stakeholders in the banking ecosystem.<\/p>\n

The assurance was contained in a statement issued on October 10, 2025, as part of this year\u2019s Global Customer Service Week celebration, themed \u201cMission Possible \u2013 Making the Impossible Possible.\u201d The Bank noted that the theme resonates deeply with its institutional legacy and values.<\/p>\n

In line with this commitment, the Bank of Ghana highlighted the introduction of the Consumer Recourse Mechanism Guidelines, a framework designed to ensure fair, transparent, and timely resolution of customer complaints across regulated banking institutions.<\/p>\n

The guidelines, the regulator explained, require institutions to establish robust internal complaint-handling mechanisms that not only resolve customer issues but also serve as diagnostic tools for identifying systemic weaknesses and improving service delivery.<\/p>\n

\u201cAdditionally, the guidelines empower institutions to monitor recurring issues and mitigate the associated risks,\u201d the statement added.<\/p>\n

To ensure an effective complaint resolution regime, the Bank of Ghana adopts a three-tier Complaint Resolution Framework:<\/p>\n

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  1. Financial Institutions: Financial institutions are mandated to receive and resolve customer complaints as the first point of contact.<\/li>\n
  2. Bank of Ghana: The Bank takes up all referred or unresolved complaints or disputed decisions and acts as an arbitrator.<\/li>\n
  3. Law Courts: Where a consumer is dissatisfied with the Bank of Ghana\u2019s decision, he or she may seek redress in a court of law.<\/li>\n<\/ol>\n

    Regulated Financial Institutions and Consumers<\/strong><\/p>\n

    The Bank of Ghana commended banking institutions for their ongoing efforts in delivering customer-focused services and implementing effective complaint resolution systems.<\/p>\n

    \u201cThis is a shared commitment towards making the impossible possible\u2014by turning challenges into opportunities and placing the customer at the heart of banking service delivery,\u201d the statement said.<\/p>\n

    The Bank reaffirmed that customers remain at the centre of its regulatory and supervisory framework.<\/p>\n

    \u201cThe Bank of Ghana has consistently demonstrated these values, not only in its macroeconomic stewardship but also in protecting and empowering consumers,\u201d it noted.<\/p>\n

    The Central Bank further stated that, \u201cSince its establishment on March 4, 1957, the BoG has embodied the spirit of possibility. With a vision to create an independent sovereign monetary authority, the Bank has become a pillar of stability, innovation, and resilience.\u201d<\/p>\n

    \u201cAs we celebrate this year\u2019s Customer Service Week, the Bank of Ghana entreats all its regulated institutions to uphold the spirit of \u201cMission Possible\u2019\u2014by committing to excellence in customer service, embracing innovation, and ensuring that every customer interaction reflects values honed out of fairness, transparency, and responsiveness,\u201d the statement concluded.<\/p>\n<\/div>\n

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    \"WeThe Bank of Ghana has given firm assurance that it will continue to prioritise the protection of consumers in line with its regulation of the banking and financial sectors.<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1264,1904,12,3262,10,9],"tags":[],"class_list":["post-97964","post","type-post","status-publish","format-standard","hentry","category-bank-of-ghana","category-banking-and-finance","category-business","category-consumer-protection","category-politics","category-popular"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/97964","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=97964"}],"version-history":[{"count":0,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/97964\/revisions"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=97964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=97964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=97964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}