The Bank of Ghana(BoG) has convicted Fidelity Bank Ghana and First National Bank Limited, a 1000 penalty points each for breach in the Ghana Interbank Forex Market Conduct rules.
The action as stated by the central bank is in breach of sections 3.4 ,3.5 and 3.9 of the Ghana Interbank Forex Market Conduct rules which are: Indicative Quotes, Trade Reporting on Platforms and Fixing of the Official Exchange Rate respectively.
The consequences of their actions have resulted in the temporal suspension of the Forex licenses of the banks with effect from June 29,2023 until July 28, 2023.
A statement by the central bank cautioned all forex market players including banks, forex bureaus , forex brokers and money transfer operators to adhere strictly to the applicable guidelines and regulations governing the forex market.
See below the full statement from the Bank of Ghana:
