The Bank of Ghana (BoG) has fined Fidelity Bank Ghana Limited and First National Bank Ghana Limited GHS12,000 each over forex breaches.
In addition, the Bank has suspended the forex licences of the two banks for a month, effective June 29, to July 28, 2023.
The Central Bank made the announcement of the fine and suspension of the banks in a notice on Thursday, June 29, 2023.
It stated that breached sections 3.4 [on Indicative quotes], 3.5 [Trade reporting on platforms], and 3.9 [Fixing of the official exchange rate] of the Ghana Interbank Forex Market Conduct rules.
“By this notice, we caution forex market players including banks, forex bureaus, forex brokers, and money transfer operators (MTOs) to adhere strictly to the applicable forex market regulations and guidelines,” BoG stated.