- Bank of Ghana receives 695 complaints in 2023, a 29% decline from 2022
- Complaints include disputes over loans, credit bureau updates, and investment returns
- Stress tests show improved bank liquidity, but rising solvency vulnerabilities
The Bank of Ghana has reported a significant decline in complaints received in 2023, with a total of 695 complaints recorded, representing a 29% decrease compared to the previous year.
The complaints received included disputes over outstanding loan balances, delays in updating credit bureau records, inability to access matured investments and deposits, and disputes over investment returns.
According to the Central Bank, the decline in complaints is attributed to the strengthened Internal Dispute Resolution processes within regulated financial institutions.
In addition to the decline in complaints, the Bank of Ghana also conducted compliance examinations on 22 financial institutions, including universal banks, Rural and Community Banks, and Savings and Loans companies. Non-compliant institutions were directed to take prompt remedial actions to correct regulatory lapses.
The Central Bank also conducted stress tests to evaluate the resilience of the banking sector to sovereign risks and credit shocks.
The results highlighted improved liquidity positions among banks, despite rising vulnerabilities to solvency positions. The implementation of recapitalization plans and the operationalization of the Ghana Financial Stability Fund (GFSF) are expected to strengthen the resilience of banks to shocks.
