Takoradi — The Bank of Ghana (BoG) has organised a Financial Stability Sensitisation Programme, for 60 personnel of the Ghana Immigration Service (GIS), at Takoradi, in the Western Region.
The Western Regional Manager of BoG, Mr Kofi Assan, noted that GIS personnel played important role in the financial sector.
He said this explained why the Banks and Specialised Deposit-Taking Institutions (SDIs) Act 2016 (Act 930) placed a responsibility on the BoG to develop appropriate consumer protection measures, to ensure that the interest of customers of banks and SDIs were adequately protected.
Mr Assan said the BoG had in recent times recorded a rise in the number of complaints against licensed institutions in respect of products, services and practices.
He said most of these complaints bordered on issues such as non-disclosure of key information, wrongful application of interest on loans, imposition of unexplained charges, among others.
Mr Assan said these complaints indicated knowledge gap in financial and banking related issues on the part of some consumers of financial products and services.
He said the BoG in collaboration with stakeholders created awareness on the directives, guidelines, notices and rules issued by the BOG to safeguard consumers in their dealings with financial service providers.
The Regional Manager said the BoG sought to ensure that in their dealings with customers, particularly on credit, service providers made full disclosure of key terms and conditions of products.
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He explained that it is to ensure that disputes arising from credit agreements were reduced.
The Head, External Dispute Resolution at BoG, Rev. KwasiTwum, reminded GIS personnel of activities of the Security Exchange Commission, National Pension Regulatory Commission, National Insurance Commission and BoG.
He said the institutions played crucial roles to bring sanity to the financial sector.
Rev.Twum said the BoG was tasked to supervise activities and regulate banks which granted loans, dealt in savings, and micro-finance institutions, adding that "each regulator has a definite role to play in its field of work."
The Head of Market Conduct Office at BoG, Mrs Maame Saah Oduro Frimpong, schooled the participants on Customer Complaints Resolution Procedures.
The Second in Command at the Western Regional GIS, Assistant Commissioner of Immigration, Beatrice Okpoti, said the workshop would help personnel fight money laundering and cross border crimes, while deepening the cordial relationship between the BoG and GIS.
