THE BANK of Ghana (BoG) has fined Barclays Bank Ghana Limited an amount
of GH¢4,579,256.36 for allegedly making frivolous quotes on the Ghana Interbank Foreign Exchange (FX) Market.
According to the Central Bank in a statement dated June 3, 2019, “this action is in breach of the Ghana
Interbank Forex Market Conduct Rules.”
The statement said “the Bank of Ghana is committed to ensuring sanity, transparency and promoting best practices that serve to develop and deepen the FX market in Ghana.”
It added that “in pursuit of the above goals, the Bank of Ghana will not hesitate to sanction any market participant whose actions contravene Ghana’s Interbank FX Market Conduct Rules.”
BY Melvin Tarlue