Independent financial regulator 'may be established in Ghana'

Mar 16, 2011

An independent regulator could be established in Ghana to improve financial protection in the country.

This new authority will be separate to the existing
Bank of Ghana and its Investigation and Consumer Reporting Office, Modern Ghana reported.

Yesterday (March 15th) was World Consumer Rights Day and many of the country's population added their names to a global campaign for fair financial services, the news provider continued.

Furthermore, Consumers International has released a set of recommendations to G20 leaders, the Financial Stability Board, the Organisation for Economic Co-operation and Development and the World Bank in a bid to strengthen financial protection.

These call for mandatory financial consumer protection bodies to be established, which will have the power to "investigate, halt and remedy violations of consumer protection law".

Consumers International Director General Joost Martens added that the regulations would "provide a clear and comprehensive set of demands for significantly improving financial protection for consumers everywhere".

This year's World Consumer Rights Day is working with the Consumers for Fair Financial Services campaign to ensure everyone can have access to safe, fair and competitive financial markets.