The Bank of Ghana is set to introduce new regulations to protect bank customers from unfair practices, including hidden fees and unsafe digital lending.
The central bank’s governor, Dr. Johnson Asiama, announced the move at a meeting with heads of banks.
“We have received reports that some banks continue to apply interest charges on credit accounts that remain inactive. This results in cases where accrued interest exceeds the original principal. Let me clear, such practices are unacceptable and must end,” Dr. Asiama said.
The new regulations will require commercial banks to be more transparent about their charges and fees. Banks will also be expected to review their pricing models to ensure that customer charges are fair and reasonable.
“Customer charges must reflect ethical and commercially defensible standards,” Dr. Asiama emphasized.
The Bank of Ghana is also introducing measures to address non-performing loans and ensure the recapitalization of commercial banks. A 10% cap on non-performing loan ratios is expected to become operational in 2026.
In addition, commercial banks will be required to publish details of “blacklisted” borrowers and entities with a history of default in their annual accounts. This aims to improve credit risk management and deter chronic defaults that threaten the stability of the banking system.
The implementation of the new regulations will be phased, with some taking effect from July and August 2025.
Dr. Asiama’s announcement signals a tougher stance by the Bank of Ghana on commercial banks that impose arbitrary fees and engage in unfair lending practices.
The move is expected to boost confidence in the banking sector and protect customers from exploitation.