BoG Moves to Protect Consumers from Predatory Digital Loans

The Bank of Ghana (BoG) plans to introduce guidelines for digital lending platforms by August 2025. This initiative aims to combat predatory lending practices affecting many Ghanaians.

This effort is part of a five-part regulatory reform agenda. The goal is to strengthen financial stability, ensure consumer protection, and promote discipline in Ghana's financial sector.

During a meeting with bank executives, BoG Governor Dr. Johnson Pandit Asiama expressed concern about unregulated digital lenders. He noted that many young people and informal workers are being lured by these lenders' promises.

Dr. Asiama highlighted the dangers of hidden fees and aggressive collection tactics. He reported disturbing cases of borrowers facing threats, shame, and fraud while seeking quick loans.

He warned that unregulated lending platforms could undermine confidence in Ghana’s financial system. “Without immediate intervention, unethical players may damage what we’ve built over decades,” he said.