The Bank of Ghana recorded a total of 695 complaints in 2023, a 29% decline year-on-year.

The complaints included disputes on outstanding loan balances, delays in updating the credit bureau database, inability to access matured investments and deposits, and disputes over investment returns.

The decline in the number of complaints recorded in the review year, according to the Central Bank was due to the strengthened Internal Dispute Resolution processes within the regulated financial institutions.

Meanwhile, the Bank of Ghana conducted compliance examinations on eight universal banks, 10 Rural and Community Bank, and four Savings and Loans companies.

Non-compliant institutions were directed to take prompt remedial actions to correct the regulatory lap.

In 2023, the Central Bank also conducted stress tests to evaluate the resilience of the banking sector to sovereign risks emanating from the Domestic Debt Exchange Programme (DDEP) and credit shocks from macroeconomic challenges.

Results from the stress tests highlighted improved banks’ liquidity position, amid rising vulnerabilities to the solvency position.

The implementation of the recapitalisation plans of banks and the operationalisation of GFSF were expected to strengthen the resilience of banks to shocks.