‘Barclays Bank In Good Standing‘

Dr. Ernest Addison- Governor of BoG

The Central Bank says its statement which was issued on Monday, June 3, 2019 that spelt out a penalty for Barclays Bank did not suggest in any way that the financial institution was not in good standing.

The Bank of Ghana (BoG), in a statement issued on Friday in Accra, said that “we would want to remind the general public that this action does not suggest Barclays Bank Ghana Ltd is not in good standing. The Bank of Ghana would also like to assure the general public that Barclays Bank Ghana Ltd is solvent, well-capitalized and remains in good standing.”

The BoG has since engaged Barclays Bank Ghana Ltd and the matter has now been resolved.

Barclays Bank Ghana was fined an amount of GH¢4,579,256.36 by the regulator for making frivolous quotes on Ghana’s Interbank Foreign Exchange Market.

The action, according to a statement by the Central Bank, was in breach of the Ghana Interbank Forex Market Conduct Rules.

It said the Bank of Ghana (BoG) is committed to ensuring sanity, transparency and promoting best practices that would develop and deepen the FX market in Ghana.

Market participants are required to conduct their activities ethically, transparently and professionally to ensure fairness and integrity of the foreign exchange market, among others.

A business desk report