Some commercial banks have begun reintroducing charges on foreign exchange accounts after they suspended these fees under regulatory pressure.
Several banks have already communicated the decision to clients via text message and email, informing them of the new charges.
The fees will vary depending on the currency type and account balance, with some charges reaching up to $20.
Citi Business News has learned that some dollar account holders have been charged a $5 fee for balances greater than $100.
These reintroduced charges are in addition to the existing 3% withdrawal fee.
It should be noted that some commercial banks began closing personal foreign currency savings accounts in July 2024, requesting that customers with such accounts keep their foreign currencies in e-wallets or current accounts.
However, the Ghana Association of Banks refuted this claim.
These bank moves were prompted by the Bank of Ghana’s recent decision to raise the cash reserve ratio, which now requires banks to hold a larger portion of their foreign exchange reserves in cedis.
The Central Bank’s regulatory directive imposed significant costs on banks, forcing them to charge some of these expenses against depositors’ funds.
This development is causing dissatisfaction among account holders, with some considering whether to keep their foreign currency accounts due to rising fees and the current exchange rate.
Banks, on the other hand, are urging customers to be patient while they work to engage stakeholders and determine the best course of action.