The Bank of Ghana (BoG) is probing some commercial banks for reintroducing transfer charges after the recent removal of the E-Levy.
Several customers have complained about fresh or increased fees on transfers between bank accounts and mobile money wallets. These charges resurfaced almost immediately after the E-Levy was scrapped, raising eyebrows among consumers.
During a Monetary Policy Committee briefing, BoG Governor Dr. Johnson Asiama confirmed that the Central Bank is investigating the matter. “We’ve noted that some banks have started imposing these charges.
We’re aware of at least one bank and will engage them to ensure transparency and protect customers,” he said in response to a question from Citi Business News’ Nii Larte Lartey.
In a related development, the BoG reported a sharp GHC 5 billion drop in total deposits across the banking sector between March and April 2025. While the cause remains unclear, the Central Bank is closely monitoring the situation.
Meanwhile, mobile money continues to gain ground. The total value of mobile money transactions reached GHC 365 billion in April 2025, up 3.8% from GHC 351.7 billion in March. This is the highest monthly value recorded in 2025.
Transaction volumes also grew, rising from 764 million in March to 778 million in April. The BoG attributes this surge to higher mobile penetration, a growing agent network, and the ease of mobile-based financial services. These trends are helping drive financial inclusion and support Ghana’s shift toward a cash-lite economy.
