Ghana's Central Bank Cracks Down on Unfair Bank Charges

Ghana's Central Bank Governor Calls for Review of Bank Pricing Practices Accra, Ghana – The Governor of the Bank of Ghana (BoG), has issued a strong statement urging all banks in the country to conduct a thorough review of their pricing structures. The governor's address, delivered at a meeting with heads of banks, focused on concerns about the ethical implications of certain pricing policies. Specifically, the governor expressed alarm over reports that some banks continue to apply interest charges to inactive credit accounts, sometimes resulting in accrued interest exceeding the original principal amount. "Such practices are unacceptable and must end," the governor stated, emphasizing that these actions distort customer outcomes and violate the principles of fair treatment and transparency that are fundamental to a healthy banking system. He called for a comprehensive review of pricing models, ensuring that all customer charges are ethically sound and commercially justifiable. The BoG's intervention comes in response to numerous complaints received from the public. The governor's decisive action signals a commitment to protecting consumers and promoting responsible banking practices within Ghana. This move is expected to bring about positive changes in the banking sector, leading to fairer and more transparent financial services for all Ghanaians.