Bank Of Ghana (BoG)
The Bank of Ghana (BoG) has released its Survey of Bank Charges as of end-September 2025, detailing the cost of banking products and services across the country’s major commercial banks. The comprehensive report, compiled by the Financial Stability Department, captures the full spectrum of fees — from savings account deposits to loan processing and international banking services.
According to the survey, charges on domestic banking products and services continue to show wide variations across the sector. Initial deposits for savings accounts range from GH¢0 at Guaranty Trust Bank to GH¢100 at Standard Chartered and GCB Bank, while minimum operating balances differ substantially among institutions. For example, Access Bank maintains a GH¢0 minimum, whereas Republic Bank sets a threshold as high as GH¢1,000 for certain accounts.
E-Banking Fees: Some Banks Still Charge Monthly Bundles
Digital banking charges remain another area of divergence. Some banks, such as Stanbic Bank Ghana, Societe Generale, and Standard Chartered, charge no fees for e-banking products like SMS alerts or internet banking. Others, including Ecobank, GCB Bank, and Agricultural Development Bank, impose monthly bundle fees ranging between GH¢5 and GH¢10.
The report also notes that Guaranty Trust Bank and UBA offer among the lowest charges for bundled electronic banking services, a move likely to appeal to digital-savvy customers.
Current Account and Lending Fees Differ Sharply
For current accounts, both initial deposit requirements and service charges differ significantly. Standard Chartered Bank, for instance, requires GH¢1,000 for individuals and GH¢5,000 for SMEs, whereas GTBank and OmniBSIC Bank have no minimum deposit requirement. Monthly service charges for individuals range from no charge at GTBank and GCB Bank to as high as GH¢79.99 at Stanbic Bank.
Lending-related costs also vary. Commitment, processing, and facility fees are charged differently across institutions — with Fidelity Bank and CAL Bank imposing between 1% and 2% of loan amounts as processing or facility fees, while Access Bank applies a flexible 0.1% to 3% range depending on customer type and facility structure.
Cheque and Statement Fees: Incremental Costs for Traditional Services
Despite the growing shift to digital platforms, traditional banking services like cheque issuance and paper statements still carry notable charges. The cost of a 50-leaf personal cheque booklet averages around GH¢50, though Standard Chartered Bank and Republic Bank charge up to GH¢60. Most banks offer free monthly statements, but duplicates or printed copies attract charges ranging between GH¢5 and GH¢15 per sheet.
Consumer Implications and Regulatory Oversight
The BoG’s periodic survey is part of efforts to promote transparency and comparability within Ghana’s financial sector. By publishing the fees, the central bank aims to enable consumers to make informed choices while encouraging fair competition among banks.
Analysts say the data underscores the need for greater standardization of charges, particularly as banking digitalization expands. “The variations show that consumers must carefully compare institutions before choosing financial services,” one industry observer noted.
Below is the document :
Survey of Bank Charges as at End September 2025 by Fred Dzakpata
