This diagnostic review was conductedwith a purpose to inform future reform of the FCP frameworkin Ghana, and is based on the revised and enhanced WorldBank Good Practices for Financial Consumer Protection(forthcoming). The content of this report is based on areview of the legal and regulatory framework, as well as inanecdotal evidence of current FCP issues and practicesgathered through interviews with financial servicesproviders, regulators, specialists, and through a review ofavailable documents on this topic. The assessment focuses onretail products and services in four sectors: i) banks andNBFIs; given the large number of diverse institutions in thenon-bank sector the references to NBFI sector in this reportare primarily based on information gathered from rural andcommunity banks, microfinance companies, savings and loans,credit unions, and leasing companies; ii) payments; and iii)insurance. Further, it covers five topics in each of theabove-mentioned sectors, namely: i) legal, regulatory, andsupervisory framework; ii) disclosure and sales practices;iii) fair treatment and business conduct; iv) data privacy;and v) dispute resolution mechanisms. While somesector-specific sections addressed issues related to dataprivacy, this topic was primarily addressed ascross-sectoral issue, discussed in section 2 below. Each ofthe sections contains recommendations for reform measures inGhana, with indication of their priority. Significantemphasis has been put on building supervisory capacity forFCP, given its importance for effective implementation ofthe few existing regulations and additional regulatoryreforms proposed in this report.
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