Several commercial banks have begun reinstating fees on foreign exchange accounts, after suspending them earlier due to regulatory pressures.
Customers have been notified of the changes via text messages and emails, with charges varying depending on the currency type and account balance—some reaching up to $20.
Reports indicate that some dollar account holders are now being charged $5 for balances exceeding $100. These new fees come on top of the existing 3% withdrawal charge, adding to the cost for foreign exchange account holders.
In July 2024, some banks initiated processes to close personal foreign currency savings accounts, advising clients to shift their funds to e-wallets or current accounts. However, the Ghana Association of Banks refuted these claims, saying such closures were not taking place.
These recent moves by banks are driven by the Bank of Ghana’s decision to increase the cash reserve ratio, requiring banks to hold a larger portion of their foreign exchange reserves in cedis. This regulatory shift has imposed substantial costs on banks, forcing them to pass some of these expenses onto customers.
The development has sparked dissatisfaction among account holders, many of whom are now reconsidering maintaining their foreign currency accounts due to rising fees and exchange rate volatility. Despite the concerns, banks are encouraging customers to remain patient as they work to engage stakeholders and find a resolution.
