The National Association of Financial Market Professionals, (ACI-Ghana), has reassured its members and the general public about maintaining confidence in the forex exchange market, despite the recent suspension of forex licenses of Fidelity Bank Ghana Limited and First National Bank by the Bank of Ghana.

In a statement, the association announced the establishment of an independent committee to thoroughly investigate the actions that led to the sanctioning of the two banks.

ACI Ghana acknowledged the regulatory role of the Bank of Ghana in ensuring transparency and adherence to standards within the financial sector.

While the licenses of Fidelity Bank Ghana Limited and First National Bank have been suspended, the statement clarified that this measure does not affect the interbank forex market, as all other banks continue their operations without interruption.

ACI Ghana urged the public to seek education from professionals and cautioned against spreading false information, particularly on social media platforms. This responsible behavior is crucial to maintaining a sense of calm and fostering confidence in the forex market.

The association reiterated its unwavering commitment to upholding the highest standards of professionalism and ethics among its members. It also expressed its dedication to collaborating with the Bank of Ghana and all stakeholders in order to maintain a sustainable financial ecosystem.

Background

The Bank of Ghana (BoG) on June 29th, 2023, suspended the forex licences of Fidelity Bank Ghana Limited and First National Bank Ghana Limited for violating the rules of the Ghana Interbank Forex Market.

The two banks will not be able to engage in any forex transactions from 29th June 2023 to 28th July 2023, according to a press statement signed by Sandra Thompson, the Secretary of the BoG.

They have also been fined 1000 penalty points each, for breaching sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct.

In response to the revocation of forex licence, Fidelity Bank and First National Bank have rendered an unqualified apology to their customers.

The banks have however in the interim reached agreements with their partner banks to aid in seamless completion of foreign exchange transactions on their behalf.

According to the two financial institutions, they are are working with the Central Bank to resolve the current challenges.