Credit: Kekeli K. Blamey
The Bank of Ghana (BoG) is set to engage commercial banks over the reintroduction of transfer charges, following the recent removal of the Electronic Transfer Levy (E-Levy).
Several bank customers have expressed concern about unexpected charges on transfers between bank accounts and mobile money wallets—fees that resurfaced shortly after the E-Levy was scrapped.
BoG data shows a significant GHC 5 billion decline in total bank deposits between March and April 2025. While the Central Bank has not identified a direct link, Governor Dr. Johnson Asiama confirmed that the matter is under review.
“We’ve noted that some banks are applying these charges. We’re currently investigating and will speak with the institutions involved to ensure transparency and protect customers,” Dr. Asiama stated during a Monetary Policy Committee press briefing.
In contrast, mobile money usage continues to soar. In April 2025, the total value of transactions hit a record GHC 365 billion, up 3.8% from GHC 351.7 billion in March.
Transaction volumes also rose from 764 million to 778 million within the same period.
The BoG attributes this growth to broader mobile access, expanded agent networks, and the ease of mobile-based transactions—factors driving financial inclusion and accelerating the shift toward a cash-lite economy.
