The Bank of Ghana (BoG) has announced that it will investigate the reintroduction of transfer charges by some commercial banks, following the recent removal of the Electronic Transfer Levy (E-Levy).
According to Dr. Johnson Asiama, Governor of the Bank of Ghana, the central bank will engage with the affected banks to ensure transparency and protect consumer interests.
“It is something that has come to our attention that some banks were imposing these kinds of charges. We are looking into that. I am aware of one particular bank. We will engage the banks to ensure transparency as well as safeguard consumer interests,” Dr. Asiama stated during a media briefing after the 124th Monetary Policy Committee (MPC) meeting.
The decision comes after widespread public outcry over the emergence of new or increased fees on transfers between personal bank accounts and mobile money wallets. Some banks reportedly reinstated these charges shortly after the E-Levy was scrapped.
In related development, the BoG has released data showing a significant shift in financial trends.
Ghana’s banking sector recorded a GHC 5 billion decline in total deposits between March and April 2025.
Conversely, mobile money platforms experienced a surge in activity, with the total value of transactions reaching GHC 365 billion in April 2025, a 3.8% increase from GHC 351.7 billion in March.
The number of mobile money transactions also rose from 764 million in March to 778 million in April.
According to central bank officials, the growth in mobile money transactions can be attributed to increased mobile phone penetration, expansion of agent networks, and the convenience of mobile-based financial services, which are contributing to deeper financial inclusion and accelerating the transition towards a cash-lite economy.