Koforidua: The Bank of Ghana (BoG) has intensified its public sensitization campaign on consumer protection and financial literacy, urging Ghanaians to verify the licensing status of financial institutions before engaging in any financial transactions. Mr. Augustine Amoako Donkor, Head of the Credit Reporting and Financial Literacy Office at BoG, emphasized that one of the central bank's core mandates under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), was to ensure consumer protection through robust regulatory oversight.

According to Ghana News Agency, Mr. Donkor addressed several informal sector groups during a financial literacy outreach in Koforidua. The audience included members of the Ghana United Barbers Association, National Caterers Association, hairdressers, seamstresses, tailors, market women, and mobile money vendors. He explained that the central bank's consumer protection framework included directives, rules, and regulations designed to safeguard customer interests.

Mr. Donkor highlighted that financial literacy rates were previously low, leaving customers vulnerable to exploitation. However, ongoing education campaigns have significantly improved public understanding of financial products and consumer rights. He also cautioned that despite these improvements, emerging threats such as financial fraud continued to pose serious risks.

Public sensitization and financial literacy campaigns were identified as effective tools for reducing consumer vulnerability. Mr. Donkor urged the public to always verify whether a financial institution was duly licensed and supervised by the appropriate regulatory authority. He warned that dealing with unlicensed institutions could expose customers to illegality and loss.

He advised customers to verify the licensing of financial institutions by checking for the Bank of Ghana logo, the institution's name, and the signatures of the three governors on the license. Illegal financial operators often set up in less prominent areas to avoid detection, and Mr. Donkor encouraged the public to report suspected illegal operators to BoG or the appropriate security agencies.

In addition to consumer protection, Mr. Donkor reiterated that financial literacy empowers individuals to make informed decisions about savings, borrowing, and investments. He explained that loan repayment behavior is monitored under the Credit Reporting Act, 2007 (Act 726), through licensed credit bureaus, which share data with lenders to assess borrowers' creditworthiness.

Participants were educated on mobile money safety, responsible borrowing, proper cheque writing, and identifying fraudulent schemes. BoG reminded attendees that transactions could be conducted in any local language within banking halls, as English proficiency is not a requirement for receiving financial services.

Mr. Donkor urged individuals and informal sector workers to take proactive steps in safeguarding their finances through continuous education, verification of licensed institutions, and responsible financial behavior.