The Bank of Ghana imposed a combined penalty of 1000 penalty points on Fidelity Bank and First National Bank Ghana Ltd.
The banks were penalised for violating sections 3.4, 3.5, and 3.9 of the Ghana Interbank FX Market Conduct Guidelines.
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In addition, as a result of their activities, the Bank of Ghana has temporarily suspended both banks’ currency licences. The prohibition will last until July 28, 2023.
The Central Bank stated in a statement that the punishment serves as a strong reminder to all forex market players, including banks, forex bureaus, forex brokers, and money transfer operators (MTOs), to rigorously comply to the applicable regulations and rules governing the forex market.
