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The Bank of Ghana (BoG) has in a statement put out its assessment of banks and Special Deposit Institutions (SDIs) compliance to consumer protection across the country.
According to the assessment by the central bank, the decision in March 2020 to reduce its policy rate to 14.5%, and its decision to provide regulatory reliefs to banks and SDIs, have complimented the prudential supervision of banks and SDIs by the Banking Supervision Department of the BoG.
"These licensed institutions through these interventions have been able to conserve additional liquidity in order to provide a broad range of reliefs to their customers," the BoG said.
The BoG says it will continue to deploy all legal tools available to it to pursue its financial stability and consumer protection mandate, and continue to sensitize consumers on their rights and obligations in their dealings with licensed financial institutions.
Read the full assessment below:
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