- Banks are now charging fees up to $20 on foreign currency accounts
- The new charges are on top of the existing 3% fee for withdrawals
- The Bank of Ghana's increased cash reserve ratio has led banks to pass on additional costs to depositors
Several commercial banks are reimposing fees on foreign currency accounts after previously suspending them due to regulatory pressure.
Clients have been notified of the new charges through text messages and emails. The fees, which can be as high as $20, will differ based on the currency and account balance. For example, some dollar account holders are facing a $5 fee for balances over $100.
These new fees are in addition to the existing 3% charge on withdrawals.
In July 2024, there were reports that banks were closing personal foreign currency savings accounts, advising clients to use e-wallets or current accounts instead. However, the Ghana Association of Banks has refuted this claim.
The reintroduction of these charges is a response to the Bank of Ghana’s recent decision to raise the cash reserve ratio, requiring banks to maintain a larger portion of foreign exchange reserves in cedis. This regulatory change has imposed additional costs on banks, which they are passing on to depositors.
The new fees are causing frustration among account holders, with some reconsidering their foreign currency accounts due to the increased costs and current exchange rates.
Banks are asking clients for patience as they work to address the situation and engage with stakeholders.
