The Bank of Ghana received a total of 983 complaints from customers of banks, Specialised Deposit-Taking Institutions, Non-bank financial institutions and Payment Service Providers in 2022, a 15% increase over that of 2021.

The rise was largely attributed to the increase in awareness of the general public and the confidence reposed in the Bank of Ghana to use its supervisory authority to adjudicate and resolve complaints.

Out of the 983 complaints received in 2022, 626 complaints (64%) were resolved and 357 complaints (36%) remained unresolved. This is compared to 2021, where 857 complaints were received with 556 complaints (65%) resolved, representing a marginal dip in resolution.

The Market Conduct Office observed during the review period that, Financial Service Providers (FSPs) resolved most of the cases at their end through their Internal Dispute Resolution (IDR) processes and only referred the complex complaints to Bank of Ghana.

The complaints received against Banks, Savings & Loans, Rural & Community Banks and Unlicensed Institutions increased marginally in 2022, as compared with the same period of 2021.

On the contrary, Finance Houses and Microfinance Institutions had a drop in complaints in 2022, compared to 2021.

According to the statistics, banks received the highest number of complaints in the period of which 89% were resolved.

Email preferred channel of complaints

The email was the preferred channel of lodging complaints, accounting for 52% (509) of total number of complaints reported to the Bank of Ghana in 2022.

This is followed by post with 25% (248), whilts walk-in had 18% (173). 4% (41) were received over phone and 1% (12) through whatsApp.

A total of 28 complaints were lodged with the Department against investment companies and other institutions not regulated by the Bank of Ghana. T

he Department subsequently referred these complaints to the appropriate regulators and institutions for their intervention.