Bank of Ghana Suspends Fidelity Bank and First National Bank from Forex Trading for 30 Days

Fidelity Bank and First National Bank Ghana Limited have been slapped with a sanction by The Bank of Ghana with a additional penalty of 1000 penalty points each

These penalties have been enforced due to the breach of sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules.

Consequentially, the Bank of Ghana has temporarily suspended the forex licenses of both banks for a period of 30 days, commencing from June 29, 2023, until July 28, 2023.

In a notice released by the Central Bank, which was also shared on its twitter handle emphasized that the imposed fine serves as a stern 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

Bank of Ghana’s Notice: Suspension of Fidelity Bank and First National Bank Ghana

bog’s notice