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Ghana News

BoG Orders Commercial Banks to Refund Borrowers on Undisclosed Charges-Consumers React!

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The Bank of Ghana (BoG) has issued a directive to commercial banks and other financial institutions to refund borrowers who have been charged undisclosed fees or charges. In its statement, the Central Bank stated that borrowers who have been subjected to such unfair treatment should be regarded as victims, and as such, their monies should be refunded.

Some consumers have welcomed the BoG’s intervention and have expressed relief that they will now be able to recover some of the losses incurred in their quest to repay their loans. In interviews with Joy Business, some consumers stated that they had fallen victim to undisclosed fees and charges by some banks and microfinance organizations.

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One consumer revealed that his deductions were so high that he could not account for where the remaining money was coming from, even though he was initially told that there were no commitment fees. He added that the BoG’s directive was long overdue and would provide much-needed relief to affected borrowers.

Others supported the Central Bank’s directive, urging the institution to set up clear rules and regulations to guide loan disbursements and to sanction institutions that engage in such activities. They also advised that lenders should provide borrowers with a Pre-Agreement Truth statement that outlines the terms and conditions of the loan before the borrower signs the loan agreement.

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