By The Bank of Ghana recorded a total of 695 complaints in 2023, marking a 29% year-on-year decline.
The complaints included disputes over outstanding loan balances, delays in updating the credit bureau database, inability to access matured investments and deposits, and disagreements over investment returns.
The decrease in recorded complaints during the review year, as stated by the Central Bank, was attributed to the enhanced Internal Dispute Resolution processes within regulated financial institutions.
Additionally, the Bank of Ghana conducted compliance examinations on eight universal banks, 10 Rural and Community Banks, and four Savings and Loans companies. Non-compliant institutions were directed to promptly take remedial actions to address regulatory lapses.
In 2023, the Central Bank also conducted stress tests to assess the banking sector’s resilience to sovereign risks arising from the Domestic Debt Exchange Programme (DDEP) and credit shocks stemming from macroeconomic challenges.
The stress test results revealed an enhanced liquidity position for banks, although there were increasing vulnerabilities in terms of solvency.
The implementation of banks’ recapitalization plans and the operationalization of the GFSF were anticipated to bolster banks’ resilience against shocks.
