Ghana: Banks reintroduce $20 fees on foreign currency accounts

Several commercial banks have resumed imposing charges on foreign currency accounts, with fees reaching up to $20 for some customers.

After suspending these fees due to regulatory pressure, some banks have now informed clients via text messages and emails that the charges are being reinstated.

Reports indicates that account holders of U.S. dollar accounts with balances exceeding $100 have already seen charges of $5.

The reintroduction of fees will depend on the type of currency and account balance, adding to the existing 3% withdrawal fee.

The move follows recent regulatory changes by the Bank of Ghana, which has increased the cash reserve ratio for banks, requiring them to hold a larger portion of foreign exchange reserves in cedis.

These new requirements have driven banks to pass on some of these operational costs to account holders, leaving customers feeling dissatisfied.

Some account holders have begun reconsidering whether to maintain their foreign currency accounts due to the rising fees, compounded by the current unfavorable exchange rates.

Despite the backlash, banks are calling for patience, assuring customers that they are in discussions with stakeholders to find a way forward.

Earlier in 2024, several banks were reported to be closing personal foreign currency savings accounts, urging clients to transfer their funds into e-wallets or current accounts—a move the Ghana Association of Banks denied.

As the situation evolves, banks continue to emphasize that the new fees are necessary adjustments to comply with central bank directives.