BoG suspends the forex activities of First National and Fidelity banks.
By: Joyceline Stephens -Kyzzfmonline, BoG
June 30, 2023

According to the Bank of Ghana website, customers of First National Bank Ghana will be unable to initiate and complete forex trading for the next 30 days due to a temporary hold on the bank's foreign exchange license.

The bank has stated that this hold is necessary to allow for the completion of an engagement process with the Bank of Ghana (BoG) in order to make the required adjustments to its forex trading business in accordance with regulatory policies.

To minimize potential disruptions, the bank has made alternative arrangements with partner banks to handle forex trade deals on behalf of First National Bank Ghana and its clients, if necessary.

The bank has assured its customers that their business and other banking relationships with First National Bank will not be affected and that its team is working diligently to resolve the situation swiftly and resume regular forex services.

Similarly, Fidelity Bank has also had its foreign exchange trading license suspended. However, the bank has assured customers that this suspension will not impact its normal banking operations. While addressing concerns raised by the regulator, Fidelity Bank has reached agreements with partner banks to facilitate the seamless completion of foreign exchange transactions on its behalf.

Meanwhile, Fidelity Bank has offered an apology to its customers over the suspension.