The Bank of Ghana may have to resort to an independent body if it wants to effectively address concerns within the banking industry and reduce apprehension among industry players.
This is the advice from Banking Consultant, Nana Otuo Acheampong.
His comment comes on the back of a new contact centre to handle all concerns relating to the operations of the central bank and financial institutions.
Though the centre is yet to be launched, Nana Otuo Acheampong cautions leaving the management of the complaints wing of the center in the hands of the central bank will limit the handling of complaints against the industry regulator.
“I would think we should go the whole hog and take it out of them and establish an independent body, a body independent of the regulator and the regulated who will then sit as an arbiter because if it’s over 100,000 in the UK, they will ask you to take it to court but within 100,000 they will settle it at that level but even within the judicial system in Ghana, mediation is being promoted, so why don’t we do that,” Nana Otuo Acheampong opined.
He also urged the establishment of an ombudsman as an alternative to the constraints posed by the central bank operating the contact centre.
Citing earlier calls by renowned Statesman, Hackman Owusu Agyemang for proper regulation of the financial industry, Nana Otuo Acheampong believes a decision backed by law will facilitate the process and protect the public.
“Former MP Hackman Owusu Agyemang, has been campaigning for that so I think now that he is in government, he should urge Parliament to carry that out. Parliamentarians should table this and have it passed so that we can have an independent ombudsman and see to the welfare especially of the consumers who are often the victims against the banks.”
The general public will be able to access the services after a technical launch on Friday, December 23, 2016.
Speaking ahead of the official commencement of work, the Director of Communications at the Bank of Ghana, Bernard Otabil explained that the move also formed part of the Central bank’s strategic plan of improving on its relationship with the public.
“With the growth of the financial sector over the years, there has to be the need to meet the demands of people who getting in touch with the bank with all kinds of request at various points in time and we felt that there is the need to have an institution that will be able to deal with the queries and also the kind of information that people want from the central bank,” he stated.
By: Anita Arthur/citibusinessnews.com/Ghana