Several commercial banks in Ghana have reintroduced charges on foreign exchange accounts, with fees reaching up to $20 depending on currency type and account balance.
Some account holders have reported $5 charges for balances exceeding $100, in addition to the existing 3% withdrawal fee.
This move follows the Bank of Ghana’s recent directive to increase the cash reserve ratio, forcing banks to hold more reserves in cedis, leading to higher costs.
In July 2024, some banks also considered closing personal foreign currency savings accounts, although the Ghana Association of Banks denied these claims. Account holders are expressing dissatisfaction, while banks continue to engage stakeholders to address concerns.