The Bank of Ghana has taken strict action against Fidelity Bank and First National Bank Ghana Limited, imposing a combined penalty of 1000 penalty points each.

The penalties have been levied due to the banks’ breach of sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules.

Furthermore, as a consequence of their actions, the Bank of Ghana has temporarily suspended the forex licenses of both banks. The suspension will be in effect from June 29, 2023, until July 28, 2023.

A statement by the Central Bank added that the fine serves as a strong warning to all participants in the forex market, including banks, forex bureaus, forex brokers, and money transfer operators (MTOs), to strictly adhere to the applicable regulations and guidelines governing the forex market.