Several commercial banks in Ghana are reportedly initiating the closure of individual foreign currency savings accounts, with a deadline set for July 31, 2024.

In a report by Citi Business News, these banks are said to be encouraging customers to transfer their foreign currency holdings to e-wallets or current accounts.

This step is seen as a move towards gradually eliminating foreign currency savings accounts altogether.

Amidst these developments, there are rising apprehensions among customers who view this as a strategy by the banks to introduce new fees and capitalize on the depreciating value of the local currency.

However, the Ghana Association of Banks has not yet provided an official statement to address these concerns.

ID/NOQ

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Some commercial banks in Ghana to close foreign currency savings accounts of individual account holders #ChannelOneBusiness pic.twitter.com/SZbw9kB2CN

— CITI FM 97.3 (@Citi973) July 4, 2024