In a keynote address to a stakeholder engagement for Consumer Reporting Officers, the Bank of Ghana announced it is undertaking a comprehensive review of its Consumer Recourse Mechanism to address identified gaps in how consumer complaints are handled and resolved across regulated institutions. The central bank pointed to growing demand to update the mechanism, including concerns that complainants increasingly seek ancillary remedies but the current legal and regulatory framework lacks explicit provisions for compensation. It reported that complaints escalated to the Bank of Ghana rose to 743 in 2024 from 695 in 2023, and said a review of escalated complaints indicates recurring issues such as weak corporate governance, limited transparency, insufficient disclosure of product and service terms, and inadequate accountability frameworks. The speech also referenced the banking sector fraud report, noting reported fraud cases increased to 16,733 in 2024 from 15,865 in 2023, associated losses rose to GHS99 million from GHS88 million, and staff involvement cases increased to 365 from 274; it also reiterated supervisory expectations on cybersecurity through the Cyber and Information Security Directive and described the role of the Regulatory Sandbox in supporting monitored innovation. As the review progresses, the Bank of Ghana said it will engage industry participants for input before finalising the revised Consumer Recourse Mechanism framework.
Bank of Ghana 2025-10-21
Bank of Ghana starts comprehensive review of the Consumer Recourse Mechanism and will seek industry input
The Bank of Ghana announced a review of its Consumer Recourse Mechanism to address gaps in handling complaints, amid rising demand for updates and increased complaint escalation. The central bank highlighted issues like weak corporate governance, inadequate accountability, and a rise in banking fraud cases. The review will involve industry engagement before finalizing the revised framework.