The Bank of Ghana (BoG) has issued a clear warning to banks and financial institutions: all fees and charges associated with loan agreements must be fully disclosed to borrowers. If any fees are not disclosed, they will be considered null and void, and the borrower is entitled to a refund.
In its latest Financial Literacy Responsible Borrowing guidelines, the central bank emphasized the importance of transparency in the lending process. The BoG advised borrowers to pay special attention to the Annual Percentage Rate (APR), which includes both the interest rate and any additional fees and charges for the loan.
Additionally, it is now mandatory for financial institutions to provide a complete breakdown of all loan-related fees in the loan agreement. If fees are not disclosed, the lender could face penalties and be required to refund all previously paid fees.
The central bank urges borrowers to carefully review loan terms and seek clarification from lenders or financial advisors before accepting any loan offers.
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