The Bank of Ghana has taken action against Fidelity Bank and First National Bank Ghana by suspending their forex licenses for one month starting June 29, 2023. Besides the license suspension, the two banks have been fined 1000 penalty points for violating sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules.
Besides, all interbank FX trades that violate Section 3.5 must be booked on the Reuters platform and confirmed within five minutes. All interbank FX trades that violate Section 3.5 must be booked on the Reuters platform and confirmed within five minutes. These trades must be reported in the Bank of Ghana’s daily FX report. The Bank of Ghana has cautioned all forex market players, including banks, forex bureaus, forex brokers, and money transfer operators (MTOs), strictly adhere to applicable regulations and guidelines.
First National Bank Ghana has temporarily suspended the processing of new or pending foreign exchange transactions for 30 days because of ongoing engagements with the Bank of Ghana. In a press release, the Head of Marketing and Corporate Affairs, Delali Dzidzienyo, announced that temporary arrangements had been made with partner banks to facilitate foreign exchange deals for First National Bank Ghana and its clients. The bank is committed to resolving the issue with the Bank of Ghana to restore its Foreign Exchange license.
The Bank of Ghana temporarily suspended Fidelity Bank’s foreign exchange trading license. According to a press release from the bank, the suspension does not affect its normal banking operations. According to a press release from the bank, the suspension does not affect its normal banking operations. While addressing the reporting concerns raised by the regulator, Fidelity Bank has made agreements with partner banks to ensure the seamless completion of foreign exchange transactions on its behalf. The bank apologizes for any inconvenience caused and reassures its valued customers that all branches, agent points, and digital platforms continue to provide the full range of financial services as usual. Fidelity Bank is actively engaging with the Bank of Ghana to resolve the issue promptly and remains fully committed to maintaining operational compliance across its business activities.