BoG suspends forex licenses of Fidelity Bank Ghana and First National Bank Ghana

The Bank of Ghana (BoG) has announced the suspension of the Forex Licenses of Fidelity Bank Ghana and First National Bank Ghana, effective from June 29, 2023, to July 28, 2023. In addition to the suspension, the two commercial banks, Fidelity and First National Bank, have been collectively fined 1,000 penalty points for violating sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules.

The Central Bank, in a statement, emphasized the importance of compliance with the applicable forex market regulations and guidelines for all forex market participants, including banks, forex bureaus, forex brokers, and money transfer operators (MTOs). The BoG cautioned these entities to strictly adhere to the established regulations governing the forex market.

Read the full statement below

–The Post Ghana