BoG Suspends Fidelity Bank and First National Bank-Effect Beginning Today 29th June 2023

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BoG Suspends Fidelity Bank and First National Bank-Effect Beginning Today 29th June 2023

BoG bans Fidelity Bank and First National Bank from engaging in foreign exchange trading for a period of one month. BoG Suspends Fidelity Bank and First National Bank-Effect Beginning Today 29th June 2023

Both Fidelity Bank and First National Bank Ghana Limited have been subjected to harsh measures taken by the Bank of Ghana, which has resulted in a total penalty of one thousand penalty points for each institution.

The banks were found to have violated sections 3.4, 3.5, and 3.9 of the rules governing the Ghana Interbank Forex Market Conduct, which led to the imposition of these fines. BoG Suspends Fidelity Bank and First National Bank-Effect Beginning Today 29th June 2023

Because of the acts of both banks, the Bank of Ghana has taken the additional step of temporarily revoking their permission to trade in foreign currency. This suspension will go into effect beginning on June 29 and continuing until July 28 of the following year.

In its statement, the Central Bank emphasised that the fine that was imposed serves as a stern warning to all participants in the foreign exchange market. These participants include banks, forex bureaus, forex brokers, and money transfer operators (MTOs).

The Central Bank urged all of these entities to strictly comply with the relevant regulations and guidelines that govern the foreign exchange market. BoG Suspends Fidelity Bank and First National Bank-Effect Beginning Today 29th June 2023

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