BoG restores forex licenses of Fidelity Bank and First National Bank – Governor

Governor of the Central Bank, Dr Ernest Addison says it has restored the forex licenses of Fidelity Bank Ghana and First National Bank Ghana.

This comes after the two financial institutions breached certain sections of the Ghana Interbank Forex Market Conduct rules.

In a statement issued by the Bank in late June this year, Fidelity Bank and First National Bank were fined a combined 1,000 penalty points each for breaching sections 3. 4, 3.5 and 3.9 of the Ghana Interbank Forex Market Conduct rules.

In the wake of this, the two banks were temporarily barred from forex trading activity effective June 29 to July 28, 2023.

Providing an update on the status of the two banks’, the BoG Governor said the sanctions imposed had now been eased allowing for the banks to resume forex trading.

“The two banks have already had their licenses restored two weeks ago. We reduced the punishment by half, so they didn’t go through the full month. They were suspended for only two weeks, so they have been back in the market for some time now.”

Dr. Ernest Addison said this when he addressed journalists at the 113th MPC press briefing held on July 24, 2023.

MA/NOQ



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