Bank of Ghana directs banks to review pricing model for customers

The Bank of Ghana has instructed all banks to review their pricing models.

They must ensure customer charges meet ethical and commercially defensible standards.

This directive follows reports of banks charging interest on inactive credit accounts.

In some cases, the accrued interest exceeds the original account amount.

The directive is effective immediately. It was issued by Dr. Johnson Asiamah, the Governor, during a meeting with bank CEOs.

The Governor highlighted a trend in Optional Issuer Fees (OIFs) for cross-currency card transactions.

While these fees may reflect real costs, customers face unclear pricing.

Limited disclosure erodes consumer trust and damages payment system integrity.

To address this, the central bank will cap OIFs at 2 percent.

It will also require mandatory disclosure of all applicable OIFs before transactions are completed.