Several commercial banks are reintroducing fees on foreign currency accounts after previously suspending the charges due to regulatory pressure.
Clients have been notified of these new charges through text messages and emails. The fees, which vary depending on the currency type and account balance, can go up to $20.
For example, some holders of dollar accounts have been charged a $5 fee for balances over $100, according to reports by Citi Business News.
The reintroduced fees on foreign currency accounts come on top of the existing 3% charge on withdrawals.
Earlier this year, some commercial banks began the process of closing personal foreign currency savings accounts, directing clients to transfer their funds to e-wallets or current accounts.
However, the Ghana Association of Banks clarified that this information was incorrect.
The banks’ decision to reintroduce these fees is a response to the Bank of Ghana’s recent regulatory changes.
The new directive by the BoG requires banks to increase their cash reserve ratio, meaning they must hold a larger portion of foreign exchange reserves in cedis.
This adjustment has imposed significant costs on banks, which are now passing some of these expenses on to depositors.
This shift is causing frustration among account holders, with many reconsidering their foreign currency accounts due to the rising fees and the current exchange rate.
Despite the dissatisfaction, banks are advising clients to be patient as they work with stakeholders to address these challenges and find a viable solution.