The top five products or services that received most complaints in 2022 were investments, loans, current accounts, digital and electronic-money.

For investments, the complaint data suggested that investment products and services witnessed delays with discounting, statement issuance, crediting matured investment or interest and roll overs on maturity.

About loans, concerns that were raised on loan products/services were generally around changes in loan tenure and interest rate without borrowers’ consent, delays in processing loans, releasing collateral, issuing loan statements, recovery approaches and termination of loans.

According to the Bank of Ghana Report on Complaint Management, investment products and services, comprising both government securities and those developed by regulated institutions, recorded the highest complaint of 369 in 2022.

This is approximately 39% of total complaints.

74 borrowers, representing 29%, also registered their dissatisfaction with loans secured from regulated institutions such as personal, business and mortgage loans.

Current account operators (Personal and Business) followed closely with 155 complaints, representing 16%. These included individual and business accounts.

33 consumers recorded their discontent with some digital products or services, representing 3% of 2022 complaints, whilst electronic wallet holders lodged 25 complaints, which made up approximately 3% of complaints received during the year 2022.

Other products such as Forex, Cards, Savings Account, Bancassurance, Remittance and Trade, altogether recorded 99 complaints, approximately 10% of 2022 complaints.

Complaints on banks

The report said a total of 474 complaints were received from customers of Banks.

These complaints covered 21 out of the 23 Banks over the reporting period. That is, there was no complaint lodged against two of the banks.

Complaints related to foreign banks were 277 for the 14 Foreign Banks (approx. 20 per bank), while domestic banks were 197 for the seven local banks (approx. 28 per bank).

The resolution rate among Banks was 89 percent. The resolution rate provides a measure of cooperation between the Banks and the complaint resolution team in Bank of Ghana.