The Bank of Ghana (BoG) has reported a notable decrease in customer complaints lodged against banks, specialized deposit-taking institutions (SDIs), other financial institutions, and payment systems and service providers in 2023.

According to their 2023 Complaints Management Report, a total of 695 complaints were received throughout the year, marking a 29% reduction from the 983 complaints recorded in 2022.

Despite the decrease in overall complaints, the report highlighted that the complexity of complaints had increased, requiring more time and effort for resolution by the Bank of Ghana.

Out of the 695 complaints received in 2023, 458, constituting 66% of the total, were successfully resolved by the end of the year. This reflects a slight improvement from the 64% resolution rate achieved in 2022.

The preferred channel for lodging complaints was predominantly email, which accounted for 42% (291 complaints) of the total complaints received in 2023. This was followed by walk-in complaints, which made up 26% (179), and postal submissions at 21% (148). Phone calls constituted 10% (71), while a minimal 1% (6 complaints) were submitted via WhatsApp.

According to the report, the popularity of email as a complaints channel is attributed to its convenience in allowing complainants to submit supporting documentation alongside their grievances. This facilitates a more comprehensive and efficient handling of complaints by the Bank of Ghana.

The Bank of Ghana remains committed to improving its complaints resolution process, aiming to address customer concerns promptly and effectively across the financial sector. As the complexity of complaints continues to evolve, efforts are underway to enhance complaint management strategies and ensure fair outcomes for all stakeholders involved.

The decline in total complaints for 2023 reflects both positive trends in customer satisfaction and ongoing challenges in the financial services sector, underscoring the importance of robust complaint resolution mechanisms in maintaining trust and accountability within Ghana's financial industry.