The Bank of Ghana has taken strong action against Fidelity Bank and First National Bank Ghana Limited, fining them a total of 1000 penalty points apiece.
The penalties have been imposed as a result of the banks’ violations of sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct regulations.
The Bank of Ghana also temporarily suspended the FX licenses of both banks as a result of their activities. From June 29, 2023, until July 28, 2023, the suspension will be in force.
A statement by the Central Bank added that the fine serves as a strong warning to all participants in the forex market, including banks, forex bureaus, forex brokers, and money transfer operators (MTOs), to strictly adhere to the applicable regulations and guidelines governing the forex market.
