The Ghana Association of Banks (GAB) has denied rumors that banks in Ghana plan to close customers’ personal foreign currency savings accounts by July 31.
The GAB explained that some banks are addressing the issue of customers using these accounts to store foreign currency, which causes speculation and weakens the cedi.
Recently, Citi Business News reported that some banks are advising customers to keep their foreign currency in e-wallets or current accounts instead.
John Awuah, CEO of GAB, told Citi Business News, “No bank is stopping foreign currency deposits. One bank just decided not to offer foreign currency accounts anymore.”
Some think this is a way for banks to charge fees and reduce customers’ forex gains as the cedi loses value.
Mr. Awuah clarified that banks noticed customers hoarding foreign currency in savings accounts, which leads to speculation and the cedi’s depreciation. He stressed that banks want to avoid this.
He also mentioned that businesses dealing in foreign currencies can still use foreign currency current accounts or Foreign Exchange Accounts.
