Bank of Ghana Collaborates with Customs Division to Enhance Fair Banking Practices

The Bank of Ghana, in its continuous efforts to promote transparency and fairness in the financial sector, organized an enlightening program aimed at educating officers of the customs division within the Ghana Revenue Authority. The sensitization initiative addressed crucial banking matters and strategies to combat financial crimes.

Dr. Joseph France, Director of Financial Stability Services at the Bank of Ghana, emphasized the importance of a comprehensive comprehension of banking and financial matters. He highlighted that bolstering knowledge in these areas would contribute significantly to fostering consumer trust and confidence in the financial sector.

Dr. France stated, “The investor public needs to know what goes on. Even though we have set up structures for the institutions to educate the public by way of their products, the Central Bank has taken upon itself to also do reinforcement by making the public get to know what goes on the market and what is safe for them to do.”

Alpheus Quianoo, Assistant Commissioner of Customs responsible for Technical Training, underscored the potential of the sensitization program in establishing more efficient mechanisms to handle consumer grievances linked to financial services. He expressed optimism that the initiative would equip customs officials to better understand financial documents and transactions, leading to improved validation processes.

Quianoo remarked, “As officials of the Ghana Revenue Authority, we hope that by the end of this program, we are likely to appreciate the documents that are presented to us for financial transactions to justify valuation and assessment of duty for commodities that are presented to us in a manner that we can also validate the authenticities of those documents.”

The Bank of Ghana reported an increase in complaints regarding services provided by licensed institutions in recent times. These concerns encompass a range of issues such as delays and non-payment of investments, non-disclosure of information, interest rate calculations, loan restructuring, remittances, and other forms of financial disputes, including instances of fraud where customers unwittingly compromise their defense.

This collaborative effort between the Bank of Ghana and the customs division reflects a commitment to enhancing fair banking practices, ensuring a more informed and empowered investor community, and fortifying the integrity of the financial sector in Ghana.

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