Bank of Ghana clarifies that Barclays Bank is solvent and in good standing

The Bank of Ghana (BoG) has assured the public and customers of Barclays Bank Ghana that the bank is in good standing despite the recent regulatory action against the bank.

Governor of the Bank of Ghana, Dr Ernest Addison

In a statement, the BoG said: “the Bank of Ghana would also like to assure the general public that Barclays Bank Ghana Ltd. is solvent, well-capitalized and remains in good standing.”

“On Monday, June 3, 2019, the Bank of Ghana issued a press release on the misconduct in the foreign exchange market by Barclays Bank Ghana Limited. The Bank of Ghana has since engaged Barclays Bank Ghana Ltd and the matter has now been resolved,” it added.

After the BoG fined Barclays it has affected the banks brand and how it is perceived by the public especially due to the recent challenges faced by the banking sector.

However, the BoG in the statement added that it “would want to remind the general public that this action does not suggest Barclays Bank Ghana Ltd. is not in good standing.”

The Bank of Ghana (BoG) fined the Barclays Bank Ghana an amount of GHC4,579,256.36 for making frivolous quotes on Ghana’s Interbank Foreign Exchange Market.

“This action is in breach of the Ghana Interbank Forex Market Conduct Rules. The Bank of Ghana is committed to ensuring sanity, transparency and promoting best practices that serve to develop and deepen the FX market in Ghana,” BoG said in an earlier statement.

“In pursuit of the above goals, the Bank of Ghana will not hesitate to sanction any market participant whose actions contravene Ghana’s Interbank FX Market Conduct Rules,” the statement added.

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