Ghana Association of Banks refutes closure of foreign currency savings accounts
The Ghana Association of Banks (GAB) has refuted claims that commercial banks are set to close personal foreign currency savings accounts by July 31, 2024.
GAB clarified that no such directive exists, and that banks are not discontinuing deposits in foreign currencies.
John Awuah, Chief Executive of GAB, explained in an interview that the measures being implemented by some banks aim to address issues arising from the storage of foreign currencies in savings accounts.
This practice, he noted, has been linked to speculation and the weakening of the cedi.
“No bank has taken any decision to discontinue deposits in foreign currencies. Rather, one bank has reviewed its product offerings and decided not to operate using accounts in foreign currencies henceforth,” Mr Awuah stated.
Recent reports indicated that some banks were advising clients to transfer their foreign currencies to e-wallets or current accounts.
However, Mr Awuah clarified that the intention is to curb the hoarding of foreign currencies, which contributes to speculation and the cedi’s depreciation.
He emphasized that businesses transacting in foreign currencies can still use foreign currency current accounts or other suitable accounts such as the Foreign Exchange Account.
