In an effort to bolster consumer protection and awareness in the financial sector, the Bank of Ghana (BOG) has embarked on a financial literacy programme for the Customs Division of the Ghana Revenue Authority (GRA).
The programme aimed to address key financial consumer protection issues, including aspects of general financial crime, anti-money laundering and countering the financing of terrorism (AML/CFT), and fraud.
Dr. Joseph France, Head of the Financial Stability Department at the Bank of Ghana, expressed gratitude to the leaders of the Ghana Revenue Authority for supporting this crucial initiative. He highlighted the importance of empowering consumers to be the first line of defense in upholding a sanitized banking sector.
“Financial consumers are key players in the financial sector, and it is our moral obligation to empower them. The awareness created through this sensitization programme will play a significant role in increasing transparency and safeguarding the interests of customers,” Dr. France stated.
The recent rise in complaints regarding services provided by licensed institutions has drawn attention to the knowledge gap in financial and banking-related issues. Issues such as delays and non-payment of investments, non-disclosure of information, interest rate calculations, loan restructuring, remittances, and other financial disputes have been prevalent, some of which have resulted from customer compromise and fraud.
The Financial Literacy Programme will aim to bridge this knowledge gap by educating and empowering consumers with the necessary information to make informed financial decisions. Act 930 mandates the Bank of Ghana to develop appropriate consumer protection measures, ensuring that the interests of customers of banks and financial service providers are adequately protected while dealing with improper practices.
One of the focal points of the programme will be to emphasize BoG’s Disclosure and Product Transparency Rules for Credit Products and Services and Consumer Recourse Mechanism Guidelines. These guidelines were issued to foster public confidence and trust in the banking sector, protect consumers and businesses through fair banking practices, and provide an efficient mechanism for handling consumer complaints related to financial services.
“We seek to ensure that financial service providers make full disclosure of key terms and conditions of products, minimizing disputes arising from credit agreements. Addressing pertinent banking issues, including AML/CFT and fraud, will be an integral part of our efforts,” Dr. France explained.
The success of the Financial Literacy Programme relies heavily on active participation and contributions from all stakeholders. BOG encourages members of the financial community to engage wholeheartedly in the program and to support its objective of enhancing consumer confidence in Ghana’s banking sector.
As the programme unfolds, it is hoped that the conscientious and empowered consumers will not only protect themselves from potential financial pitfalls but also contribute to the overall stability and growth of Ghana’s banking sector. With the support and cooperation of all, this initiative promises to foster a financially literate and protected populace, bolstering Ghana’s economic progress in the long run.
