Accra: The Bank of Ghana has directed all banks to review their pricing models and ensure that customer charges reflect ethical and commercially defensible standards. This directive aims to address the mounting concerns over banks applying interest charges to inactive credit accounts, which have sometimes resulted in accrued interest surpassing the original account balance.

According to Ghana News Agency, this directive, which is effective immediately, was issued by Dr. Johnson Asiamah, the Governor of the Bank of Ghana, during a recent meeting with Chief Executive Officers of various banks. Dr. Asiamah highlighted the troubling trend of Optional Issuer Fees (OIFs) on cross-currency card transactions, which, despite representing actual costs, have been criticized for their lack of transparency and disclosure to customers.

The central bank is taking decisive steps to restore consumer trust and maintain the integrity of payment systems. To this end, the Governor announced that the central bank will impose a cap on Optional Issuer Fees on cross-currency card transactions at 2 percent. Additionally, banks will be required to disclose all applicable OIFs to customers before completing any transaction, ensuring greater transparency and informed decision-making.