The Bank of Ghana (BoG) has taken decisive action against Fidelity Bank and First National Bank Ghana Limited, imposing a substantial penalty of 1000 penalty points on each institution.
The penalties were imposed as a result of the banks’ violation of sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules.
The Bank of Ghana has temporarily suspended the forex licenses of both banks, effective from June 29, 2023, until July 28, 2023.
In an official statement, the Central Bank emphasized that the hefty 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 relevant regulations and guidelines governing the forex market.
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This action underscores the Bank of Ghana’s commitment to maintaining transparency and integrity within the forex trading sector and ensuring compliance with established market conduct rules.
The suspension sends a strong message to the financial industry, highlighting the importance of upholding ethical practices and maintaining the trust of customers and investors in Ghana’s forex market.
