Ghana's Central Bank Cracks Down on Hidden Bank Charges

Ghana's Central Bank Tightens Grip on Bank Charges: A crackdown on hidden fees and unethical lending practices is underway in Ghana. The Bank of Ghana (BoG) Governor recently addressed heads of banks, outlining new directives aimed at curbing opaque charges and unsafe digital lending. "Such practices are unacceptable and must end," the Governor stated, highlighting cases where interest charges on inactive accounts exceeded the original principal. The BoG's action underscores a commitment to consumer protection and responsible banking. Banks are expected to review their pricing models to ensure transparency and ethical standards. This initiative promises to bring much-needed clarity and fairness to the Ghanaian banking sector, benefiting consumers and fostering trust in the financial system.