By Franklin ASARE-DONKOH
The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has assured the general public, especially customers of commercial banks of the central bank’s readiness to investigate the reintroduction of transfer charges by some banks, following the recent removal of the Electronic Transfer Levy (E-Levy).
According to Dr. Asiama, while the BoG has not yet determined the reasons behind the reintroduction of these charges, the affected banks will be engaged to ensure transparency and protect consumer interests.
He gave the assurance during a media briefing after the 124th Monetary Policy Committee (MPC) meeting held in Accra.
There has been public outcry over the emergence of new or increased fees on transfers between personal bank accounts and mobile money wallets by some commercial banks. These charges reportedly resurfaced almost immediately after the scrapping of the E-Levy.
Addressing the issue, Dr. Asiama stated:
“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.”
Meanwhile, BoG data shows that Ghana’s banking sector recorded a GHC 5 billion decline in total deposits between March and April 2025.
In contrast, mobile money platforms witnessed a significant surge in activity. In April 2025, the total value of mobile money transactions reached GHC 365.0 billion, a 3.8% increase from GHC 351.7 billion recorded in March.
This represents the highest monthly transaction value recorded in 2025 so far.
The number of transactions also rose from 764 million in March to 778 million in April, highlighting the growing dependence on mobile money for both personal and commercial purposes.
Central bank officials attributed this sustained growth to increased mobile phone penetration, the expansion of agent networks, and the convenience of mobile-based financial services. These factors are helping to deepen financial inclusion and accelerate the transition toward a cash-lite economy.
