Ghana Banks Begin Charging Up To $20 As Fees On Foreign Currency Accounts
- Some commercial banks have resumed charging clients for owning foreign exchange accounts
- A few banks have communicated the decision to resume the charges to clients via text and also email
- Reports indicate that some dollar account holders have been charged a $5 fee for balances over $100
Some commercial banks have resumed charging clients for owning foreign exchange accounts.
Citi News reported that a few banks have already communicated the decision via text message and email, informing clients that the new charges have been effected.
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The fees will differ by the types of forex or the account balances. Some charges are expected to reach up to $20.
Some dollar accounts were charged $5 for holding over $100, according to reports. These reintroduced charges are in addition to the existing 3% withdrawal charge.
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In July 2024, some banks started to close forex accounts and asked clients to use e-wallets instead.
Citi News explained that these moves aligned with the Bank of Ghana’s recent decision to increase the cash reserve ratio.
This mandated banks to hold more foreign exchange reserves in cedis.
The Central Bank's regulatory directive has imposed significant costs on banks, which must charge some of these expenses to depositors' funds.
Cedi predicted to have stable end to year
Meanwhile, the Ghana cedi is only expected to depreciate modestly between now and the December elections.
The cedi is considered the fifth worst-performing currency of the year, per Bloomberg, which reported that Ghana may end the year at GH¢15.97 per dollar.
Poor cocoa yields in the country are said to have negatively impacted the cedi, thus limiting vital foreign exchange earnings.
Federation of Traders backs BoG’s forex directives
YEN.com.gh also reported that the Ghana Federation of Traders has backed setting up of a centralised foreign exchange trading platform.
The federation has said it is hopeful of a positive impact on businesses through the new platform established by the central bank recently.
The Bank of Ghana has also directed all foreign exchange bureaus to check for the Ghana Card before transactions, among other measures.
Proofread by Bruce Douglas, senior copy editor at YEN.com.gh
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Source: YEN.com.gh
