Loans ranked 1st as highest customer complaint BoG [Video]

The highest complaint type received by the Bank of Ghana in 2023 was loans.

According to the 2023 Complaints Management Report, the Central Bank recorded 209 (30%) of total complaint as loans.

These complainants registered their dissatisfaction with the personal, business and mortgage loans they secured from regulated institutions.

The main concerns, according to the report, included variations in interest rates and tenure changes on existing loans.

The next highest complaint type was investment products and services which recorded 194 (28%) of total complaints for 2023.

The main concern was the inability to withdraw these investments on maturity due to purported liquidity challenges faced by the institutions.

Current account followed with 103 (15%) of total complaints.

For recurring complaint themes, customers’ inability to retrieve matured investments or deposits topped with 165 complaints, representing 24% of the total complaints received in 2023.

This represented a reduction in complaints related to this theme as compared to 2022 (330).

Loan-related complaints came …