The Bank of Ghana (BoG) has organized capacity building training for personnel of the Ghana Immigration Service in Tamale in the northern region on Financial Literacy as well as Consumer Rights and Responsibilities.

 The workshop was aimed at equipping the GIS officers with the requisite understanding and appreciation of basic financial principles which would enable them in their daily financial dealings to make informed decisions.

The BoG Northern Regional Manager, Mr. Mohammed Abdul Aziz, in his remarks said the objective for the sensitization programme is to increase awareness on key financial consumer protection issues within the Banking Sector.

“The consumer as we say is the first line of defense in every field of endeavor. It is for this reason that we deem it a moral duty to empower you, especially so when you are typically considered law enforcement agents given that you play dual roles: first, as a consumer and second, as a law enforcer. Once again, we are indeed grateful for the opportunity” he noted.

Complaints

Mr. Abdul Aziz pointed out that the Central Bank in recent times has recorded a rise in the number of complaints on the services provided licensed institutions.

He said most of these complaints have bordered on issues such as the delays and nonpayment of investment, non-disclosure of information, interest calculation, restructuring of loans, remittances among other forms of financial fraud.  

“A critical observation gleaned from these complaints is the knowledge gap in financial and banking related issues. We therefore deem it necessary to use this occasion to bridge such gaps” he added.

The teething complaints, the Northern Regional Manager said, explains why Act 930 places a responsibility on the Central Bank to develop appropriate consumer protection measures and ensure that the interest of customers of banks and Specialized Deposit-Taking Institutions (SDIs) are adequately protected.

Mr. Mohammed Abdul Aziz further indicated an in depth understanding of the banking and other financial related issues will go a long way to enhance consumer confidence in Ghana’s banking industry.

Meanwhile, the Deputy Northern Regional Commander of Ghana Immigration Service, ACI Francis Yaw Tachie, for his part lauded the Bank of Ghana for the initiative.

He said the program would not only benefit young service officers but also senior personnel who may be going on retirement in few years to come so they do not end up as paupers when they go on pension.

Deputy Northern Regional Commander of Ghana Immigration Service, ACI Francis Yaw Tachie

ACI Francis noted most people fall victims to Ponzi schemes because of their lack of basic knowledge in financial issues notwithstanding that some people attribute the unfortunate situation to greed.

He maintained some of these financial institutions in their bid to win over clients by outwitting the efforts of traditional commercial banks, have resorted to making juicy loan offers to unsuspecting people to get them take loans but thereafter show their true colors.

The Deputy Commander asserted the liberalization of the financial sector has over the years led to the proliferation of all manner of financial institutions in the country – both legitimate and illegitimate ones.

Their activities, he pointed out have been given a boost and have subsequently thrived as a result of the advancement in ICT in recent times which has offered them the platform to reach out to a large number of people in their quest to broaden the base of their clientele.