Fidelity Bank Ghana Limited and First National Bank Ghana Limited have been fined by the Bank of Ghana for violating sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules. Each bank has received a penalty of 1000 penalty points.
Furthermore, the central bank has suspended the forex licenses of both banks from June 29, 2023, to July 28, 2023.
In a statement, the Bank of Ghana emphasized the importance of strict adherence to the relevant forex market regulations and guidelines for all forex market players, including banks, forex bureaus, forex brokers, and money transfer operators (MTOs). The statement serves as a caution to the market participants to comply with the applicable regulations.