In June 2021, the Bank of Ghana warned commercial banks and specialised deposit-taking institutions (SDIs) in Ghana to abolish unfair charges in the banking sector.

In a statement, the Bank of Ghana noted that there are seven charges being implemented by banks and SDI’s which are deemed to be unfair, inappropriate and detrimental to the financial inclusion agenda and the protection of customers’ interest.

These charges included Credit Insurance Premium Overcharges, Maintenance fees on Savings Account, Over the counter (OTC) withdrawal charges, Change of ownership of collateral documents, Application of interest on penal charges, Quotation of monthly interest rates on credit facilities and Third party deposit/withdrawal violations.

According to a recent statement which seeks to update Ghanaians on the abolition of unfair fees, charges and other practices, the Central Bank is tasking customers that are being charged to report any suspicious or unapproved charges from their financial institutions.

It is unclear why the BoG is reiterating this warning barely a year after the initial one.

But in this statement, customers are being urged to assess their needs before subscribing to additional services such as transaction alerts and internet banking services which may attract fees and charges on their accounts.

The Central Bank is asking customers to always insist on their rights and report any breach to them if financial institutions charge any penal charge when customers go to withdraw money from their own account over the counter.

Furthermore, the statement stresses that it is unlawful for a financial institution to quote its interest rate on a monthly, daily or other basis apart from the annual basis and as such, customers should report such a breach to the Central Bank.

On the issue of loans, customers are being tasked to always demand the annualized percentage rate on loans before accepting the loan facility as this will help the customer know how much the loan will cost after the duration of the loan.

The Bank of Ghana insists that customers must demand for all the necessary information before loan contracts are signed.