Bank of Ghana urges borrowers not to pay any additional fees or charges for loans.
THE Bank of Ghana has cautioned the public to refrain from paying fees and charges on loans that were not made clear to them before the contract was signed.
According to the central bank, such fees are invalid and should not be paid by borrowers.
According to a public notification released by Bank of Ghana on Thursday, April 6, borrowers who pay such sums are eligible to reimbursements.
The central bank stated in the notice sent by its Secretary, Sandra Thompson, that they might also bring complaints to the Bank of Ghana against their lending institutions for redress.
When choosing where to apply for a loan, is also suggested to the public that they compare the interest rates charged by their financial institutions with those of other lenders.
According to Bank of Ghana, the warning was in line with its duty to support good disclosure procedures and transparency in the financial industry.
It also exhorted the general people to evaluate their capacity for borrowing seriously, including ensuring that they can repay loans before applying for one.
“Borrowers are cautioned against rushing to obtain loans. They may, whenever practical, collect and evaluate offers from various lenders before selecting the best offer,” the notice stated.
The bank has recently increased its efforts to inform the public about financial transactions in order to increase financial literacy and deter unfair acts by the banks and specialized deposit-taking organizations that it regulates.
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