The Bank of Ghana, BOG, has fined and subsequently suspended the licences of the Fidelity Bank Ghana Limited and the First National Bank Ghana Limited.
A statement released in Accra on Thursday, June 29, 2023 said the fine and suspension are in line with the breach of provisions of the Ghana Interbank Forex Market Conduct Rules.
”Bank of Ghana has fined Fidelity Bank Ghana Limited and First National Bank Ghana Limited a combined 1000 penalty points each for breaching sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules”.
Both banks’ Forex activities have been suspended for a month including the payment of fines.
”In addition, the Bank has suspended the respective forex licences of the above-mentioned banks from 29th June 2023 to 28th July 2023”.
The Bank of Ghana has again reiterated the need for adherence to regulations that govern use and tender of currencies.
”We caution forex market players including banks, forex bureaus, forex brokers, and money transfer operators (MTOS) to adhere strictly to the applicable forex market regulations and guidelines”.