BankingBusiness

First National Bank announces backup plan after BoG sanction

The Bank of Ghana on Thursday announced it has suspended the licences of Fidelity Bank of Ghana and First National Bank Ghana over forex law breaches

The First National Bank Ghana has announced that it has implemented measures to alleviate the plight of its customers after the Bank of Ghana suspended its forex licence over breach of regulation.

The central bank on Thursday announced it has suspended the licences of Fidelity Bank of Ghana and First National Bank Ghana over forex law breaches.

A statement issued by the Bank of Ghana on Thursday (29 June), said the two banks breached sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules.

“… In addition, the bank has suspended the respective forex licenses 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 said.

However, in a statement on Thursday (29 June), FNB Ghana said “To minimise any possible disruptions, we have made temporary arrangements with partner banks to initiate and complete foreign exchange deals for and on behalf of First National Bank Ghana and its clients, should the need arise.”

“First National Bank Ghana confirms that it has temporarily halted the processing of new or pending foreign exchange transactions for 30 days due to ongoing engagements with the Bank of Ghana.

“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 FNB Ghana statement added.

Below is the full statement:

 

Reporting by Fred Dzakpata in Accra

 

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