Following regulatory pressure, certain commercial banks that had stopped fees on foreign exchange accounts have started to reintroduce them.
A few banks have already notified their customers of the ruling via email and text message, notifying them that the additional fees are in place.
Depending on the type of currency and account amount, different fees apply, with some as high as $20.
According to information obtained by Citi Business News, some owners of dollar accounts have been assessed a $5 fee for balances over $100.
The current 3% fee on withdrawals is in addition to these newly imposed fees.
Recall that certain commercial banks started closing personal foreign currency savings accounts in July 2024 and advised customers to save their foreign money in current accounts or e-wallets.
The Ghana Association of Banks, however, denied that.
The Bank of Ghana recently decided to raise the cash reserve ratio, requiring banks to retain a larger percentage of their foreign exchange holdings in cedis. This decision is what prompted the banks to take these actions.
The Central Bank’s regulatory direction has resulted in substantial costs for banks, who are forced to pass along a portion of these costs to their depositors.
Account holders are not happy with this trend; some are debating whether to keep their foreign currency accounts open because of the rising costs and unfavorable exchange rate.
Banks, however, are asking their customers to exercise patience while they try to involve stakeholders and figure out what to do next.
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