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BoG fines Barclays Bank Ghana for frivolous quotes

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The Bank of Ghana (BoG) has fined the Barclays Bank, Ghana 4.5 million Ghana cedis for making frivolous quotes on Ghana’s Interbank Foreign Exchange Market.

According to the Bank of Ghana, this action is in breach of the Ghana Interbank Forex Market Conduct Rules.

The Bank of Ghana says it is committed to ensuring sanity, transparency and promoting best practices that serve to develop and deepen the Forex market.

In pursuit of the above goals, the Bank of Ghana says it will not hesitate to sanction any market participant whose actions contravene Ghana’s Interbank Forex Market Conduct Rules.

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