lenders

The Bank of Ghana (BoG) has announced that charges that are not disclosed to a borrower in a loan agreement should be considered null and void. Describing borrowers who may suffer such ordeal as victims, the BoG also directed commercial banks and lenders to refund such monies to the borrowers. “Borrowers shall be due a refund of all such charges paid”, the BoG stressed in a statement titled Bank of Ghana’s Responsible Borrowing Guidelines. It added that “victims” must report such acts to the regulator if the lenders fail to reverse the payments. According to the BoG, it is embarking…