Don’t transact business with fraudulent financial institutions – BoG

The Head of Financial Stability Department of the Bank of Ghana (BoG), Dr Joseph France has urged the public to critically examine the financial packages of banks before transacting any business with them.

That, he explained was the only way to avoid falling victim to fraudulent financial activities.

Dr France said this at a sensitisation workshop on consumer protection for officers and men of the Ghana Armed Forces (GAF) at the Burma Camp in Accra, yesterday.

The event organised by BoG in collaboration with the GAF sought to empower the men and women of the GAF to know their rights in any financial transaction.

According to him, the customer should be the first to know what type of transaction he or she was engaging in and the conditions attached in order to accept or reject the package.

Dr France indicated that after cleansing the banking sector and streamlining their activities, it now behoves the BoG to empower the people who are the customers of these banks on the recent reforms and what they should expect from any financial institution they deal with.

“Reforms in the banking sector have witnessed the dissolution of some banks while others have been re-capitalised, it would be fitting and proper to know the risks in the sector as well as the pillars on which they operate,” he added.

He stated that the marketing strategies of some banks was to maximise profit to the detriment of the unsuspecting public who ignorantly enter into agreement with them without knowing the strings attached only to realise in the long run the terrible mistake they have made.

“It was to correct these mistakes that the public must be educated to know the type of system they are engaging towards challenging any anomaly detected during the course of the transaction, explaining the funds of the public, especially deposits of the vulnerable and the marginalised must be protected, customers have the right to report the conduct of any bank to the BoG for redress.

Dr France appealed to Ghanaians not to overburden themselves with appetising financial packages offered by banks, if they do not have the need for it.

He said the BoG now have a law backing the public in order to prevent fraud being perpetuated on them by sales agent, adding that “if you do not understand any loan agreement do not enter into it”.

The servicemen were also engaged on money laundering and its implications.


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