Some commercial banks have begun reintroducing charges on foreign exchange accounts after they suspended these fees under regulatory pressure.
A few banks have already communicated the decision via text message and email informing clients that the new charges have been effected.
The fees will vary based on currency type and account balance with some charges reaching up to $20.
Our source has gathered that some dollar account holders have been charged a $5 fee for balances exceeding $100.
These reintroduced charges are in addition to the existing 3% charge on withdrawals.
It will be recalled that some commercial banks began processes in July 2024 to close personal foreign currency savings accounts, asking clients with such accounts to hold their foreign currencies in e-wallets or current accounts.
But the Ghana Association of Banks said that was untrue.
These moves by the banks have been driven by the Bank of Ghana’s recent decision to increase the cash reserve ratio, which now mandates banks to hold a higher portion of foreign exchange reserves in cedis.
The regulatory directive by the Central Bank has imposed significant costs on banks that have no option but to charge some of these expenses on the funds of depositors.
This development is causing dissatisfaction among account holders, with some reconsidering whether to maintain their foreign currency accounts due to the increasing fees and current exchange rate.However, banks are urging clients to remain patient as they work to engage stakeholders and find the way forward.
