The Bank of Ghana has suspended the Forex Licenses of Fidelity Bank Ghana and First National Bank Ghana effective from June 29, 2023, to July 28, 2023. The Central Bank stated that the two commercial banks have also been fined a combined 1,000 penalty points for breaching sections 3. 4, 3.5 and 3.9 of the Ghana Interbank Forex Market Conduct rules.
Earlier this year, The Bank of Ghana indicated it would soon close down licensed forex bureaus that are not complying with the foreign exchange law. Officials of the Central Bank disclosed this to Joy Business after embarking on some field exercises to check the state of compliance with some bureaus in the metropolis.
They believed that the actions by some operators have been contributing to speculation in the foreign exchange market, hence affecting the stability of the cedi. So the Head of Financial Stability at the Central Bank, Dr. Joseph France, said his outfit won’t hesitate to clamp down activities of forex bureaus found culpable and operating illegally.
He added then, that the Central Bank also begun an investigation into various complaints received regarding some forex bureaus that are not abiding by the laws governing foreign exchange.
Now, the Bank of Ghana further warned forex market players, which included banks, forex bureaus, forex brokers and money transfer operators (MTO), to strictly adhere to the applicable forex market regulations and guidelines.