Some commercial banks have started reintroducing charges on foreign exchange accounts after previously suspending these fees due to regulatory pressure. Several banks have already notified their customers via text and email, informing them that the new fees are now in effect.
The charges vary depending on the currency type and account balance, with some fees reaching up to $20. For instance, Citi Business News has learned that some dollar account holders have been charged a $5 fee for balances exceeding $100.
These new charges come on top of the existing 3% fee on withdrawals.
It’s worth noting that in July 2024, some banks initiated processes to close personal foreign currency savings accounts, advising customers to shift their foreign currencies into e-wallets or current accounts. However, the Ghana Association of Banks refuted these claims.
The reintroduction of charges is largely driven by the Bank of Ghana’s recent directive to increase the cash reserve ratio, requiring banks to hold a larger portion of their foreign exchange reserves in cedis. This regulatory change has increased operational costs for banks, who are now passing some of these expenses onto depositors.
The move has sparked dissatisfaction among account holders, with some reconsidering whether to maintain their foreign currency accounts due to the rising fees and current exchange rate fluctuations.
Banks are asking clients for patience as they work with stakeholders to address the situation. So far, efforts by Citi Business News to obtain a response from the Ghana Association of Banks have been unsuccessful.