The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has assured the public—particularly customers of commercial banks—that the central bank is prepared to investigate the recent reintroduction of transfer charges by some banks, following the removal of the Electronic Transfer Levy (E-Levy).
Dr. Asiama stated that while the BoG has not yet identified the reasons behind these charges, it will engage with the affected banks to ensure transparency and safeguard the interests of consumers.
He gave this assurance during a media briefing held in Accra after the conclusion of the 124th Monetary Policy Committee (MPC) meeting.
There has been growing public concern over the reintroduction or increase of fees on transfers between personal bank accounts and mobile money wallets by certain commercial banks. These charges reportedly reappeared almost immediately following the scrapping of the Electronic Transfer Levy (E-Levy).
Commenting on the matter, Dr. Asiama stated:
“This issue has come to our attention. We’ve observed that some banks have begun applying such charges. We are currently investigating the situation. I am aware of at least one bank involved, and we intend to engage with them to ensure transparency and protect consumer interests.”
In a related development, data from the Bank of Ghana reveals that the country’s banking sector saw a GHC 5 billion drop in total deposits between March and April 2025.
There has been growing public outcry following the reintroduction or increase of fees on transfers between personal bank accounts and mobile money wallets by some commercial banks. These charges reportedly reappeared almost immediately after the government announced the removal of the Electronic Transfer Levy (E-Levy).
Responding to the issue, Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, acknowledged the concerns and assured the public that the central bank is actively investigating.
“It has come to our attention that some banks are imposing these types of charges. We are looking into the matter. I’m aware of at least one specific bank involved. We will engage the institutions concerned to ensure transparency and to protect consumers,” Dr. Asiama stated.
In the midst of these developments, BoG data indicates that the banking sector experienced a GHC 5 billion drop in total deposits between March and April 2025—a trend that may further heighten concerns within the financial industry.
In contrast, mobile money platforms experienced a notable increase in activity. In April 2025, the total value of mobile money transactions rose to GHC 365.0 billion, marking a 3.8% uptick from the GHC 351.7 billion recorded in March.
This marks the highest monthly transaction value recorded so far in 2025.
The volume of transactions also climbed, rising from 764 million in March to 778 million in April. This trend underscores the growing reliance on mobile money for both personal and business transactions.
According to central bank officials, the continued growth is driven by broader mobile phone usage, the expansion of agent networks, and the convenience of mobile financial services. These developments are contributing to greater financial inclusion and supporting the shift toward a cash-lite economy.
