Several commercial banks have started reintroducing fees on foreign exchange accounts after a period of suspension under regulatory pressure. This decision follows the Bank of Ghana’s recent directive to increase the cash reserve ratio, which requires banks to hold a greater portion of foreign exchange reserves in local currency.
Customers have been notified of the new charges via text messages and emails from their banks. The fees vary depending on the currency type and account balance, with some charges reaching up to $20. For instance, holders of dollar accounts have been informed of a $5 fee for balances exceeding $100.
In addition to these new charges, account holders will still incur the existing 3% fee on withdrawals. This reintroduction of fees comes after banks began processes in July 2024 to close personal foreign currency savings accounts. Clients were advised to transfer their foreign currencies to e-wallets or current accounts, a move that was later disputed by the Ghana Association of Banks, which labeled it as inaccurate.
The decision by banks to reintroduce these charges is a response to the increased financial burden imposed by the Central Bank’s regulatory changes. The Bank of Ghana’s directive has forced banks to allocate a higher percentage of their foreign exchange reserves as cedis, adding significant costs to their operations. Consequently, banks have had to pass some of these costs onto their depositors.
This move has sparked dissatisfaction among account holders, many of whom are re-evaluating whether to keep their foreign currency accounts amid rising fees and fluctuating exchange rates. Despite the discontent, banks are urging their clients to exercise patience as they navigate these changes and work with stakeholders to find a sustainable solution.
