Dr. Johnson Asiama
The Bank of Ghana (BoG) has reaffirmed its commitment to safeguarding customers as part of its regulatory mandate in the banking and financial sectors.
In a statement issued on Friday, October 10, to mark this year’s Customer Service Week celebration, the Central Bank said it continues to fulfil its mandate through active engagement and recognition of all stakeholders within the banking industry.
According to the statement, the celebration, held under the theme “Mission Possible – Making the Impossible Possible,” reflects the BoG’s institutional values and its dedication to customer protection.
The statement highlighted the introduction of the Consumer Recourse Mechanism Guidelines, designed to ensure fair, transparent, and timely resolution of customer complaints across regulated financial institutions.
For the BoG, the guidelines 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.
The statement added that the guidelines empower institutions to monitor recurring issues and mitigate associated risks.
“To ensure an effective complaint resolution regime, the Bank of Ghana adopts a three-tier Complaint Resolution Framework,” the statement said.
“Financial institutions are mandated to receive and resolve customer complaints as the first point of contact. The Bank takes up all referred or unresolved complaints or disputed decisions and acts as an arbitrator,” it added.
It further explained that where a consumer remains dissatisfied with the Bank of Ghana’s decision, they may seek redress in a court of law.
The Central Bank also emphasised that since its establishment on March 4, 1957, the BoG has embodied the spirit of possibility, with a vision to build an independent sovereign monetary authority that serves as a pillar of stability, innovation, and resilience.
“As we celebrate this year’s Customer Service Week, the Bank of Ghana entreats all its regulated institutions to uphold the spirit of ‘Mission Possible’ by committing to excellence in customer service, embracing innovation, and ensuring that every customer interaction reflects values of fairness, transparency, and responsiveness,” the statement concluded.
By Ebenezer K. Amponsah