We did not direct banks to charge on FCA's - Bank of Ghana

The Bank of Ghana has conceded that its latest policy measures have resulted in commercial banks imposing charges on Foreign Currency Accounts, FCA's.

Some banks have started passing on to depositors, the cost they incur in managing the foreign accounts. This is response to the directive for the banks to keep nine percent of their dollar deposits in cedis at the Central Bank.

The Central Bank has however denied directing banks to impose any charges.

Second Deputy Governor, Milison Narh tells JOYBUSINESS they are engaging the banks to ensure the directive does not discourage depositors from putting their monies in the banking system.

“We must address the issue appropriately - that it is as the result of the policy measures in terms of transmission to pricing and not to say the Central Bank had given a directive to that effect. And its also important to know is not all banks that are charging on FCA's. It will be important to know the Central Bank has regular meetings with the heads of the banks and we have a meeting coming up and we will take up this matter” he noted.

“And we are in a competitive environment remember and so if by virtue of yur pricing regime you're going to lose customers, then I think the various managemnet would re-consider their policy stance” he added.

Story by Emmanuel Agyei / George Wiafe - Joy Business