Ghana's Bank of Ghana Cracks Down on Hidden Bank Charges

Accra, Ghana - June 4, 2025 - The Bank of Ghana (BoG) took decisive action yesterday to curb unfair practices within the financial sector. Governor Dr. Ernest Addison announced new rules to eliminate hidden bank charges and tighten regulations on interest rates and other fees. "There are too many Ghanaians, especially young people and informal workers, being lured by online lending platforms that make bold promises, only to trap them in cycles of hidden fees and harassment," Dr. Addison stated during a live press conference. These new guidelines, expected to be released soon, will set clear standards for both bank-led and non-bank digital lending models, focusing on licensing, authorization, interest rate transparency, data protection, and ethical collection practices. The BoG's move is a significant step toward creating a fairer and more transparent financial system, protecting vulnerable borrowers from exploitation.