An official announcement has confirmed that the Bank of Ghana (BoG) has suspended the foreign exchange licenses of Fidelity Bank Ghana and First National Bank of Ghana.
The two banks violated sections 3.4, 3.5, and 3.9 of the Ghana Interbank Foreign Exchange Market Conduct regulations, according to a statement released by the Bank of Ghana on Thursday (29 June).
“… In addition, the bank has suspended the respective forex licences of the above-mentioned banks from 29 June 2023 to 28 July 2023.”
“By this notice, we caution forex market players including banks, forex bureaus, forex brokers, and money transfer operators (MTOs) to adhere strictly to the applicable forex market regulations and guidelines,” the BoG statement.
Below is the full statement:
