The Bank of Ghana has made a severe move against Fidelity Bank and First National Bank Ghana Restricted, forcing a consolidated punishment of 1000 punishment focuses each.
The banks' violation of the Ghana Interbank Forex Market Conduct rules led to the imposition of the sanctions.
Additionally, the Bank of Ghana has temporarily revoked the forex licenses of both banks as a result of their actions. The suspension will be active from June 29, 2023, until July 28, 2023.
The Central Bank added in a statement that the fine serves as a clear warning to all forex market participants, including banks, forex bureaus, forex brokers, and money transfer operators (MTOs), to strictly adhere to the applicable forex market regulations.
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