BOG sanctions Fidelity, First National banks over forex breaches

The Bank of Ghana has penalized Fidelity Bank and First National Bank Ghana Limited due to the banks’ breaches of Sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct Rules.

It imposed a combined penalty of 1000 penalty points each on the two banks.

In a statement, the Central Bank declared that it had temporarily suspended the forex licenses of both banks. The suspension will be in effect from June 29, 2023, until July 28, 2023.

The Bank also warned all players 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.