First National Bank Ghana suspends foreign exchange transactions amid license suspension
First National Bank Ghana has temporarily halted the processing of new or pending foreign exchange transactions for a duration of 30 days.
This decision comes in response to the recent suspension of the bank’s forex licenses by the regulatory authority, the Bank of Ghana. The suspension period, spanning from June 29, 2023, to July 28, 2023, has compelled the bank to seek alternative arrangements with partner banks to ensure minimal disruption in the handling of foreign exchange deals.
In an official statement, First National Bank Ghana emphasized its unwavering commitment to upholding the highest operational and regulatory standards across all facets of its business. The bank expressed its dedication to pursuing a mutually agreeable resolution with the Bank of Ghana, with the aim of restoring its Foreign Exchange license promptly.
“As a bank, we hold ourselves to the highest operational and regulatory standards in every
aspect of our business. We are committed to reaching an amicable resolution with the Bank of Ghana for the restoration of our Foreign Exchange license,” the bank stated.
This development follows a stern move by the Bank of Ghana, which levied fines on Fidelity Bank Ghana Limited and First National Bank Ghana Limited, totaling 1000 penalty points each. The penalties were imposed due to breaches of sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules.
In a cautionary statement, the Bank of Ghana called upon 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 their operations.
The temporary suspension of foreign exchange transactions by First National Bank Ghana serves as a stark reminder of the regulatory landscape’s watchful eye and the growing emphasis on adherence to market conduct rules. Market players must heed the warnings and tighten compliance measures to ensure the integrity and stability of Ghana’s forex market.
