BoG Committed To Maintaining Financial Stability To Ensure Consumer Protection

The Bank of Ghana says it is poised to maintaining financial stability in the banking sector to ensure it upholds its mandate of protecting consumers.

Last year, BoG established a Market Conduct Examinations Office within its Financial Stability Department, to ensure adequate focus on the conduct of banks and Specialized Deposit-Taking Institutions (SDIs) towards their customers.

This was to complement the prudential supervision of banks and SDIs by the Banking Supervision Department and the Other Financial Institutions Department, the objective of which is to promote the safety and soundness of these institutions.

Following the completion of the banking and SDI sector clean-up in 2019, the Bank of Ghana intensified its market conduct supervision and has since been focused on the best for consumers.

According to BoG, it remains determined to keep all financial institutions in check to protect consumers.

“The Bank of Ghana will continue to deploy all legal tools available to it to pursue its financial stability and consumer protection mandate, and continue to sensitize consumers on their rights and obligations in their dealings with licensed financial institutions”, a statement from BoG has said.

Check out BoG’s statement on assessment of Banks and SDIs’ compliance with its consumer protection regime, as well as interventions during this Covid-19 period: