Why Bank Charges Keep Rising — And How to Reduce Them in Ghana

An Accra Street Journal Finance & Banking Guide

Executive Introduction

Every few months, Ghanaian bank customers and mobile money users face a familiar frustration: another charge has been introduced, another fee has gone up. The proposed 0.75% fee on MoMo-to-bank transfers, scheduled for June 1, 2026, was only suspended after public outcry and a Bank of Ghana directive—not withdrawn . The pattern is revealing: charges rise, consumers protest, and some increases stick while others are paused for “consultation.”

This ASJ report explains the structural forces driving up bank charges in Ghana—regulatory changes, operational costs, and currency pressures—and provides practical strategies for reducing what you pay.

Part 1: The Regulatory Pressures — Why Banks Pass Costs to You

The Cash Reserve Ratio (CRR) Impact

In 2026, the Bank of Ghana revised its Cash Reserve Ratio policy, requiring all banks to maintain a uniform 20% Cash Reserve Ratio with the central bank . This means a larger portion of customer deposits is locked at the Bank of Ghana and cannot be used for lending or investments.

Deputy Ranking Member on Parliament’s Finance Committee, Dr Gideon Boako, warned that the policy would increase banking costs and tighten access to foreign exchange services . Banks are already signaling upward adjustments in service charges beginning in June 2026 .

Banks with high loan-to-deposit ratios face significantly increased operating costs because more funds are tied up without earning interest. Even banks with lower lending exposure are affected because they still pay interest on deposits while the reserve funds remain idle .

Foreign Exchange Reserve Requirements

Another major concern is the extension of reserve requirements to foreign exchange deposits. Banks must now keep 20% of the cedi equivalent of FX deposits with the Bank of Ghana . Dr Boako warned this could reduce available liquidity for trade finance and discourage banks from accepting more foreign currency deposits .

Customers with dollar accounts may experience higher fees, longer processing times, stricter withdrawal limits, and wider exchange rate spreads as banks attempt to manage these additional costs .

Part 2: The Mobile Money Fee Frontier

The 0.75% Wallet-to-Bank Transfer Saga

The most visible charge increase in 2026 was MTN’s proposed 0.75% fee on direct wallet-to-bank transfers, capped at GH¢5 . MTN informed customers that the fee would take effect June 1, 2026, applying regardless of whether the receiving bank account belonged to the same individual .

A GH¢100 transfer would attract a fee of 75 pesewas, while transfers of GH¢667 and above would hit the GH¢5 cap .

The Bank of Ghana directed MMFL to suspend implementation pending stakeholder consultations, but the charge has not been withdrawn—only paused . The Minority in Parliament called for the Finance Minister to explain the policy, noting the lack of public engagement before the fee was announced .

The central bank’s statement that any adjustments must be “introduced fairly, protect consumers, and support their financial wellbeing” suggests that while this particular fee was paused, the direction of travel is toward higher charges for digital financial services .

Part 3: Bank Fee Structures — What You’re Actually Paying

Monthly Account Fees

Key insight: Maintaining the minimum balance can waive monthly fees entirely. At FNB, keeping GH¢5,000 in a Platinum Cheque account eliminates the GH¢45 monthly charge .

ATM Withdrawal Charges

Strategy: Plan withdrawals to avoid other banks’ ATMs. FNB allows three free withdrawals from other banks per month; after that, each withdrawal costs GH¢10 .

Transfer Fees

Strategy: Use digital channels for transfers. FNB and Stanbic offer free inter-account transfers via mobile banking and online banking .

Part 4: How to Reduce Your Banking Costs

1. Maintain Minimum Balances

Keeping the required minimum balance in your account can eliminate monthly maintenance fees . This is the single most effective cost-saving strategy.

2. Use Digital Channels

Electronic transactions are almost always cheaper than branch transactions. Absa explicitly advises: “Make use of Absa ATMs for basic banking transactions” . First National Bank offers free and unlimited qualifying electronic transactions when using their app, online banking, or cellphone banking .

3. Choose the Right Account Type

4. Avoid Debit Interest

Keep your accounts in credit to avoid accounts being overdrawn by cheques etc. which attract debit interest charges” . Overdraft fees are expensive and compound quickly.

5. Monitor SMS Alert Fees

Fidelity Bank charges SMS alert fees on their Student Account despite no monthly maintenance fees . Consider whether SMS alerts are necessary or whether push notifications via the mobile app provide similar functionality for free.

6. Use Card Payments

“Use your debit card for in-store purchases” . Debit card transactions at POS terminals are typically free, while cash withdrawals may attract fees.

7. Consolidate Accounts

Multiple accounts mean multiple monthly fees. Consolidate banking to one primary account where you can maintain the minimum balance.

ASJ Conclusion

Bank charges in Ghana are rising due to regulatory pressures (the 20% Cash Reserve Ratio), currency constraints, and the natural evolution of digital financial services toward monetisation . The proposed 0.75% MoMo-to-bank transfer fee was only paused, not withdrawn, suggesting that higher charges for digital transactions are part of a longer-term trend .

The good news is that many banking costs are avoidable. Maintaining minimum balances eliminates monthly fees. Digital channels offer free or cheaper transactions. Choosing the right account type for your income and usage pattern can save hundreds of cedis annually.

The most important principle is awareness. Review your bank’s pricing guide. Know what you’re paying for. And switch to cheaper alternatives where possible.

Quick Reference: How to Reduce Bank Charges

Last Updated on July 11, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

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