BoG Denies Directing Banks to Charge 2% Fees on Smaller FX Deposits, Old Dollar Banknotes
The Bank of Ghana (BoG) has firmly denied allegations circulating on social media that it has directed commercial banks to levy a 2% fee or charge, on deposits of smaller denominations of foreign exchange (FX) or older US banknotes.
In response to the Facebook allegations, a BoG source clarified that it does not impose any charges on such deposits from commercial banks and equally expects commercial banks to also not impose any charges on such deposits.
The Central Bank emphasized that it accepts smaller denominations of FX and older series of US dollars from commercial banks without any fees, underscoring its commitment to preventing undue financial burdens on customers.
“The BoG has never asked banks to charge 2% or any other amount on deposits of smaller denominations of fx or older USD series. As a matter of fact, the BoG accepts deposits of these smaller denominations and older series of USD from the commercial banks without any charge and expects these banks to offer the same service to their customers,” noted the source from BoG.
