Bank of Ghana Pushes for Fair Banking Charges
The Bank of Ghana (BoG) has told banks to review how they charge customers, aiming for clearer and fairer fees. New rules, starting July 2025, will stop hidden charges and unfair digital lending practices. The goal is to make banking more transparent and protect people from high costs, the BoG announced on June 3, 2025.
These changes target issues like surprise fees on bank transfers and loans, which upset many customers after the Electronic Transfer Levy was removed. Banks must now show all charges clearly and avoid high interest rates on digital platforms. The BoG also wants banks to stop charging interest on inactive credit accounts to ease the burden on users.
The new rules will also strengthen how banks are run, ensuring they have enough money to stay stable. The BoG is pushing banks to follow ethical standards and avoid risky practices, like unsafe digital loans. This comes after complaints about new fees on transfers between bank accounts and mobile money wallets.
Banks will face higher costs to meet these rules, but the BoG says it’s worth it to protect customers and build trust. The central bank is also working on better ways to handle foreign exchange deals and bad loans. These steps aim to make Ghana’s banking system stronger and fairer for everyone.
The BoG’s push follows earlier efforts, like making the Ghana Card the only ID for banking since 2022, to improve security and access. With these new changes, the central bank hopes to create a banking system that’s easier to understand and more affordable for all Ghanaians.