By the end of 2021, the Bank of Ghana (BOG) would have achieved monetary compensations and reimbursements totaling GH7.9 million for complainants.
Regulated Financial Institutions (RFI) compensated complainants whose complaints were filed, investigated, and judged to be justified under the BoG's market behavior guidelines.
According to the yearly Report on Complaints Management Function provided by the BoG's Financial Stability Department, £20,414.37, USD$250,000.00, and GH5,738,484.42 were paid out of the total sum.
In all, 857 complaints were received in 2020, compared to 876 in 2020, with 265 credit report complaints, 207 matured investment cases, 134 unfair practices complaints, 139 credit facility reports, and 112 complaints against Automated Teller Machines (ATM).
Phone calls, emails, social media posts, WhatsApp messaging, and walk-ins accounted for the majority of the complaints.
"The stringent implementation of the first level complaint processing by Financial Institutions based on the rules, along with the effective settlement of majority of the complaints by the RFIs, may be attributable to the 2.17 percent decrease in overall complaints submitted," the study added.
The Bank also reported that, as of the end of 2021, 65 percent of total complaints had been handled, compared to 79 percent in 2020.
It was also discovered that clients of banks lodged 373 complaints, accounting for 44% of the total complaints received by the Bank in the year under review.
"In comparison to the previous year's position of 96 percent resolved complaints, 87 percent of these issues were addressed, resulting in a minor decline of 9%," the study stated.
The Bank made 50 recommendations to external bodies during the year under review, including 19 referrals to a receiver, 26 complaints to the Securities and Exchange Commission, and three referrals to the Credit Union Association.
Due to the COVID-19 outbreak, the Bank halted in-person mediation meetings and instead relied on virtual meetings and the establishment of WhatsApp platforms to handle complaints.
The Central Bank also stated that it was preparing to increase complaint filing convenience by implementing a full-fledged Contact Center, deploying new complaint management software, and deploying a ChatBot service to supplement the complaint channels.
"In addition, the Bank of Ghana will continue to hold regular seminars for Consumer Reporting Officers and Compliance Officers of regulated institutions, which will be customized to the input received, among other things, in order to permanently address concerns as they arise," says the statement.
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