Bank of Ghana has suspended the forex licenses of Fidelity Bank Ghana Limited and First National Bank Ghana Limited for a month for violating Ghana Interbank Forex Market Conduct regulations.
The suspension will remain in effect from June 29, 2023, to July 28, 2023.
In addition to the suspension of licenses, the Central Bank also fined the two aforementioned financial institutions a combined 1000 penalty points each.
In a statement signed by Sandra Thompson, the Secretary of BoG, the fine has been imposed on the banks for violating sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules.
The Bank of Ghana has cautioned all forex market players, including banks, forex bureaus, forex brokers, and money transfer operators (MTOs), to strictly adhere to the applicable forex market regulations and guidelines.
The bank has taken this step to ensure that there is transparency and fairness in the forex market in Ghana.
This decision by the Bank of Ghana highlights the importance of following the rules and regulations governing the forex market.
The public is encouraged to remain vigilant and report any violations of the forex market regulations to the Bank of Ghana.
By Vincent Kubi