Ghana’s Financial Regulator Assesses Banks’ Compliance with Consumer Protection Regime

The Bank of Ghana has taken a crucial step in ensuring that banks and Specialised Deposit-Taking Institutions (SDIs) comply with its consumer protection regime, aimed at promoting the safety and soundness of these institutions critical to the country’s economic growth.

Background

In 2019, the Bank of Ghana set up a Market Conduct Examinations Office within its Financial Stability Department to focus on the conduct of banks and SDIs towards their customers. This office is designed to complement the prudential supervision of these institutions by the Banking Supervision Department and the Other Financial Institutions Department.

Assessment Objectives

The assessment is part of efforts to ensure that banks and SDIs operate in a manner that protects the interests of their customers. The Bank of Ghana’s consumer protection regime aims to promote:

• Fair Business Practices: Ensuring financial institutions conduct business fairly and transparently.
• Transparency: Providing clear information to customers about products and services offered.
• Accountability: Holding financial institutions accountable for their actions and decisions.

Conclusion

By assessing banks’ compliance with its consumer protection regime, the Bank of Ghana demonstrates its commitment to promoting a safe and sound banking system in Ghana. This move is crucial in ensuring that financial institutions operate in a manner that protects the interests of their customers and promotes economic growth.