The ACI Ghana Financial Markets Association has assured market participants that the foreign exchange market is still strong and active despite the recent sanctioning of two banks over forex breaches.
According to the Association, the suspension does not suggest systemic challenges within the interbank fx market in particular or the banking industry as a whole.
While acknowledging the supervisory role of the Central Bank in ensuring the effective working of Financial Markets in Ghana, the ACI Ghana stated that the suspension will not impair the stability and integrity of the fx market.
“We understand the concerns and anxieties that this development may have raised among market participants and the public. We want to assure everyone that the stability and integrity of the foreign exchange (FX) market are intact. ACI Ghana acknowledges the regulatory role of the Bank of Ghana in ensuring transparency, accountability, and adherence to the highest standards within the financial sector”, the Association said in a statement on June 30, 2023.
It disclosed that it has set up a committee to look into the suspension and work collaboratively with the affected banks and the Bank of Ghana on resolving the issue.
The Association further cautioned against false and unrestrained reportage and discussions in the media on the issue.
“During this critical period, we kindly request that discussions related to this related matter be conducted with caution and respect on all public platforms, including social media. We encourage the public to seek information from reliable sources regarding the issue.”
The Bank of Ghana announced on Thursday, June 29, 2023, that it has sanctioned Fidelity Bank Ghana Limited 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.
Accordingly, the BOG imposed a combined 1,000 penalty points each on the two banks.
The BOG noted that the suspension will be in effect from June 29, 2023, until July 28, 2023.
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